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Home-grown QSR chain Wow! Momo Foods has raised over $15 million led by Tree Line Investment Management. The funding round saw participation from Indian Angel Network (IAN) Fund, as well as existing investor Lighthouse Funds.
The chain said that the fresh funds will enable it to amplify efforts on its newly launched FMCG business and expand its QSR and cloud kitchen brands. The company is also going to be launching new verticals.
Launched in August 2008, the chain currently has over 350 outlets of Wow! Momo and over 50 outlets of Wow! China. In the next year, the company is planning to set up over 150 stores and 50 cloud kitchens as well as “grow 2x plus on monthly run rate by next August,” the statement added.
The Series C round values Wow! Momo Foods at over ₹1,225 crores. Its last valuation stood at ₹860 crore in September 2019 when it raised money from Tiger Global.
Growth plans
Sagar Daryani, CEO and Co-Founder, said, “When we started off with Wow! Momo and later Wow! China, we were confident about the potential that the market holds. We had a clear roadmap on first strengthening our restaurant business, followed by a foray into FMCG space. We have reengineered our core during the last few years. The fabric of Wow! is to serve health, hygiene and happiness in a platter.”
Zaheer Sitabkhan, Founder of Tree Line Investment Management said, “As India is rapidly emerging from Covid, we are enthusiastic about their growth plans both in the QSR and ready-to-eat category.”
In July, the chain had launched ready to eat momos exclusively on Big Basket. The product will soon be available across other e-commerce channels and modern trade platforms.
“Wow! Momo under an able leadership team, has continued to grow, despite the challenges that the sector saw amidst the pandemic,” added Rochelle Dsouza, Managing Director, Lighthouse Funds.
Padmaja Ruparel, Founding Partner IAN Fund added,” Last two years have been pivotal for brands Wow! Momo and Wow! China; from growing the online delivery business by 7x to rekindling the spirit of strategic partnerships and seeding new verticals of FMCG.”
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