Wednesday, June 19, 2024

Wow! Momo Secures Rs. 350 crore in Series D Funding

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Wow! Momo, the quick-service restaurant chain, has successfully secured Rs. 350 crore (approximately $42 million) in its Series D round, led by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad. Oaks Asset Management, an existing investor, also contributed Rs. 60 crore. This funding not only marks a significant investment but also entails partial exits for early-stage investors, including Indian Angel Network and Lighthouse Funds.

The infusion of capital will play a pivotal role in fueling Wow! Momo’s growth and expansion, strengthening its distribution foothold, and supporting research and development for its FMCG arm. The Series D round, initiated in September last year, totaled $25 million across the first two tranches, with ValueQuest Capital,
V Ocean Investment, and Oaksand India participating.

Tiger Global, the leader of Wow! Momo’s Series B round in 2019, opted out of both the Series C and the current Series D round. Despite this, Wow! Momo, founded in 2008 by Sagar Daryani & Binod Homagai, operates three QSR brands — Wow Momo, Wow China, and Wow Chicken — boasting 630 outlets across 35 cities and employing 6,000 people. The startup, eyeing a topline of Rs. 650-700 crore in FY24, up from Rs. 435 crore in FY23, has witnessed substantial revenue growth. In FY22, its revenue from operations surged twofold to Rs. 220 crore compared to Rs. 106 crore in FY21. The funding injection is expected to further propel Wow! Momo’s ambitious expansion plans and market presence.

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