Chain of quick-service restaurants Wow! Momo has raised an additional Rs 70 crore (roughly $9 million) from Z3 Partners in an extended Series D round.
In Series D, the company has raised Rs 480 crore ($51 million) with this, comprising Rs 270 crore for primary and Rs 210 crore for secondary funding. Indian Angel Network and Lighthouse Funds were involved in the secondary purchase, according to a media report.
Wow! Momo in January of this year won $42 million (about Rs 350 crore) in the first tranche of the Series D round headed by Khazanah Nasional Berhad. According to the media, the company was worth over $300 million.
Research and development for the FMCG arm, distribution reinforcement, and brand growth and expansion for quick-service restaurants are the plans for the additional proceeds, according to the company.
In July 2021, the company joined the FMCG market.
Sagar Daryani and 16-year-old Binod Homagai launched it. The three QSR brands that WOW! Momo owns are Wow Momo, Wow China, and Wow Chicken. With 630 locations in 38 cities, the company says it directly employs 6,000 people.
Throughout the current fiscal year (FY25), the company hopes to open 200 more locations.
Wow! Momo wants to increase its topline from Rs 435 crore in FY23 to Rs 650–700 crore in FY24. Although the company has not yet submitted its financial statements for the most recent fiscal year (FY23), its operating revenue increased by two times, from Rs 106 crore in FY21 to Rs 220 crore in FY22.
