Tiger Global Backed Wow! Momo Raises Over USD 15 Million
The latest Series C funding has made Wow! Momo Foods the most valued home-grown QSR brand with a valuation of over INR 1225 Crores.
To enhance the company’s re-pivoted vision and growth plans, Wow! Momo Foods, which currently owns and operates two of the country’s largest home-grown QSR brands - Wow! Momo and Wow! China has raised over USD 15 Million led by Tree Line Investment Management. The funding round also saw participation from IAN Fund (Indian Angel Network), as well as existing investor Lighthouse Funds. The fresh funds will enable to brand to amplify efforts on its newly launched FMCG business, add more energies to the expansion of its QSR & Cloud Kitchen brands and also fuel its growth in launch of its new verticals to be announced Soon
Launched in August 2008, the multi-billion-rupee QSR chain currently is present across 350 + outlets of Wow! Momo and 50+ outlets of Wow! China. In the next year, the company is planning to set up over 150 stores and 50 cloud Kitchens as well as grow 2x plus on monthly run rate by next August.
The Series C makes Wow! Momo Foods the most valued home-grown QSR brand with a thumping valuation of Over INR 1225 Crores; this is a formidable leap from its last valuation of 860 Crores in September 2019 when it raised money from Tiger Global; considering the brands persistent efforts of pivoting, bouncing back profitably and outstanding efforts during pandemic.
Commenting on the announcement, Sagar Daryani, CEO & Co-Founder, said “When we started off with Wow! Momo & later Wow! China, we were confident about the potential that the market holds. We had a clear roadmap on first strengthening our restaurant business, followed by a foray into FMCG space. We have reengineered our core during the last few years; we want to be a brand that makes good food and food good! Be it QSR or FMCG or plugging the nutritional gap – The fabric of Wow! Is to serve health, hygiene and happiness in a platter".
Zaheer Sitabkhan, Founder of Tree Line Investment Management said, “Wow Momos has demonstrated a keen focus on delighting Indian consumers with both taste and value. As India is rapidly emerging from covid, we are enthusiastic about their growth plans both in the QSR and ready to eat category. We are excited to join Wow Momos on their path for growth, and wish them well in this next chapter of their story”
Earlier this quarter, Wow! Momos also made its foray into FMCG space, launching ready to eat momos to make momos accessible to individuals anytime and anywhere. The ready-to-eat momos are exclusively available on Big Basket and will soon be accessible across other e-commerce channels and modern trade platforms, and post six months, in Tier-II and III cities as well.
“Wow! Momos has revolutionized the QSR space since the start and now redefining the FMCG sector. The company, under able leadership team, has continued to grow, despite the challenges that the sector saw amidst the pandemic,” said Rochelle Dsouza, Managing Director Lighthouse Funds.
The latest Series C funding has made Wow! Momo Foods the most valued home-grown QSR brand with a valuation of over INR 1225 Crores. This is a formidable leap from its last valuation of 860 Crores in September 2019 when it raised money from Tiger Global. With the fresh funding, the company is now geared towards crafting the story of Wow 2.0 post its latest pivot.
Padmaja Ruparel, Founding Partner IAN Fund commented, ”To see a home-grown brand growing to such heights reinstalls faith in the Indian entrepreneurship spirit. We have been part of Wow! Momo’s journey when it raised its angel round from IAN and now, as it is all set to take off, the partnership continues with the IAN Fund. We very confident that the company is well poised for its next phase of growth!”
Last 2 years have been very pivotal for brand Wow! Momo and Wow! China; from growing the online delivery business by 7X to rekindling spirit of strategic partnerships or be it seeding new verticals of FMCG. It has been power packed and a tale of absolute bounce back! With renewed energy and fresh influx of funds; Wow! Momo Foods is in for steaming fresh stories in the near future.
Around The World