Wow Momo Foods on Tuesday said it has raised over USD 15 million (around Rs 110.49 crore) in series C funding round led by Tree Line Investment Management. The funding round has made Wow Momo Foods the most valued home-grown QSR brand, with a valuation of over Rs 1,225 crore, said Tiger Global backed firm in a statement. Wow Momo Foods operates QSR chains – Wow Momo and Wow China.
This is a formidable leap from its last valuation of 860 crore in September 2019, when it raised money from Tiger Global, considering the brand’s persistent efforts of pivoting, bouncing back profitably and outstanding efforts during the pandemic, the statement said. The funding round also saw participation from IAN Fund (Indian Angel Network) and existing investor Lighthouse Funds, it added.
The fresh funds will enable the 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, the company said. Launched in August 2008, the QSR chain currently is present across over 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, it said. When we started with Wow! Momo and 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, Wow Momo Foods CEO and cofounder Sagar Daryani said.