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Quick service restaurant (QSR) chain Wow! Momo has raised ₹70 crore from early-growth stage fund Z3Partners. The company said this is a primary investment and marks a continuation of the round, which earlier saw participation from Malaysian sovereign wealth fund Khazanah Nasional Berhad and OAKS Asset Management.
Overall, the restaurant chain has raised ₹480 crore in this round. Out of this, ₹270 crore is through primary infusion, while ₹210 crore is of secondary purchase from early-stage investors of the company, it added.
In January, the company had announced that it had raised ₹410 crore from Khazanah Nasional Berhad and OAKS Asset Management.
Founded in 2008, the company is known for three QSR brands including Wow! Momo, Wow! China and Wow! Chicken. It operates over 600 outlets across 38 cities in the country. The company also has a presence in the FMCG segment with ready-to-eat and frozen products.
Sagar Daryani, CEO of Wow! Momo, said, “We have been consistent and sharply-focused on sustainable growth and the belief this round of investors have shown on us fortifies our faith and further motivates us to be changemakers. We believe Z3Partners have a strong strategic lens, which will only strengthen our guardrails, going forward”.
He added that the primary proceeds of the entire round will fuel the growth and expansion of the QSR business and also strengthen the distribution and R&D for the FMCG arm. “The entire round is a testimony to the brand’s vision, scalability and rigour on profitability,” he said.
Rishi Maheshwari, Managing Partner, Z3Partners, said, “Wow! Momo is in true sense, a reflection of the vibrant entrepreneurial landscape in the country. Over the years, Sagar and team have singularly focused on building a high-quality food business at scale, fuelled by superior execution expertise. This perfectly aligns with our investment thesis of backing scalable businesses with large addressable markets that leverage technology to drive efficiencies across the value chain.”
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