Quick service restaurant chain Wow! Momo Foods on Thursday said it has raised Rs 125 crore from OAKS Asset Management.
The firm, which operates three brands — Wow! Momo, Wow! China and Wow! Chicken, said the funding is “part of a two tranche-raise with the second one being planned with another VC Fund”. The fundraise from OAKS Asset Management has been done at a valuation of Rs 2,125 crore and the company plans to raise another Rs 100 crore in next quarter, Wow! Momo Foods said in a statement.
The fresh funds will be utilised to build back-end capabilities to enter tier I and tier II markets in India. The quick service restaurant (QSR) chain said it plans to add over 250 outlets this fiscal year. It is present in across 21 cities with over 480 outlets. The aim is to enter over 100 cities. The funds will also be utilised to fortify the FMCG growth, the company added.