Wednesday, June 19, 2024

Wow! Momo gets Rs 70 crore funding in extended Series D round

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Wow! Momo, a quick-service restaurant chain, has recently secured an additional Rs 70 crore from Z3Partners in an extended Series D funding round. This comes after their initial Series D funding round in January, where they raised Rs 410 crore. Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, and OAKS Asset Management, a venture capital firm in Mumbai, led this round. Wow! Momo has a valuation of nearly Rs 2,460 crore post-funding.

With this new infusion from Z3Partners, Wow! Momo’s total Series D funding now stands at Rs 480 crore. Out of this amount, Rs 270 crore was a primary infusion, while Rs 210 crore came from a secondary purchase of shares from early investors—the Indian Angel Network and Lighthouse Funds.

Since its inception in 2008, Wow! Momo has amassed over Rs 625 crore in external funding. Notable investments include ₹40 crore from Lighthouse Funds in 2017 and Rs 120 crore from Tiger Global Management in 2019, as per the media report. 

The company has three distinct brands—Wow! Momo, Wow! China, and Wow! Chicken. Wow! Momo has a widespread presence with over 300 outlets across 17 cities in India.

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