Wow! Momo, a fast-food chain, has secured 70 crore rupees (around $9 million) in an additional funding phase of their Series D round, provided by Z3 Partners.
This recent funding brings the total raised in Series D to 480 crore rupees (about $51 million). This total includes 270 crore from new investments and 210 crore from the sale of existing shares. Indian Angel Network and Lighthouse Funds were involved in buying these shares.
Earlier in January, Wow! Momo raised 350 crore rupees (approximately $42 million) in the initial part of the Series D round led by Khazanah Nasional Berhad. At that time, the company’s value exceeded $300 million according to TheKredible, a startup data platform.
The company plans to use this new capital for expanding its fast-food brand, enhancing its distribution networks, and boosting research and development for its consumer goods section.
Wow! Momo entered the consumer goods market in July 2021.
Founded by Sagar Daryani & Binod Homagai 16 years ago, Wow! Momo Foods runs three fast-food brands: Wow Momo, Wow China, and Wow Chicken. Currently, it boasts 630 outlets in 38 cities and employs 6,000 people.
The company also plans to open 200 more outlets in this financial year (FY25).
For this financial year (FY24), Wow! Momo aims to achieve a revenue between 650 to 700 crore rupees, a significant increase from 435 crore in the previous year (FY23). The company has not yet reported its earnings for FY23, but its revenue doubled to 220 crore rupees in FY22 from 106 crore in FY21.
