Wow! Momo Secures Additional Funding in Extended Series D Round

Preeti Bali / 2:17 pm / April 18, 2024

The quick-service restaurant chain, Wow! Momo, has secured an additional Rs 70 crore (approximately $9 million) in an extended Series D round of funding from Z3 Partners. This latest investment brings the total funds raised in the Series D round to Rs 480 crore ($51 million), with Rs 270 crore as primary capital and Rs 210 crore from secondary purchases. The Indian Angel Network and Lighthouse Funds also participated in the secondary round.

Funding Boosts Growth and Expansion

Earlier this year, Wow! Momo had raised Rs 350 crore (approximately $42 million) in the first tranche of the Series D round, led by Khazanah Nasional Berhad. The company plans to utilize the new funds to fuel the growth and expansion of its quick-service restaurant brand. Additionally, they aim to strengthen the distribution and research and development efforts for their FMCG arm.

16 Years of Success and Future Plans

Founded 16 years ago by Sagar Daryani and Binod Homagai, Wow! Momo operates three QSR brands: Wow Momo, Wow China, and Wow Chicken. The company currently boasts 630 outlets across 38 cities and employs over 6,000 people directly. With their sights set on expansion, Wow! Momo aims to open an additional 200 outlets during the ongoing fiscal year (FY25). They also project a significant increase in revenue, targeting a topline of Rs 650-700 crore in FY24, compared to Rs 435 crore in FY23.

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