Khazanah invests Rs 350 crore in Wow! Momo Foods’ latest funding round
- ByStartupStory | January 16, 2024
Quick service restaurant chain Wow! Momo has secured Rs 350 crore (approximately $42 million) in its Series D funding round led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Existing investor Oaks Asset Management also participated in this round with an investment of Rs 60 crore.
This funding round involves both primary infusion and secondary purchase, leading to partial exits of early-stage (Series A) investors, Indian Angel Network and Lighthouse Funds.
According to a press release by Wow! Momo, the funding will play a crucial role in fueling the brand’s growth and expansion, strengthening its distribution foothold, and supporting research and development for its FMCG arm.
Wow! Momo initiated its Series D round in September last year with an initial investment of $16 million, followed by another $9 million in October. Cumulatively, ValueQuest Capital, V’oceanInvestment, Oaksand India have invested $25 million across the first two tranches. The startup data intelligence platform TheKredible estimates that the second tranche was raised at a post-money valuation of Rs $340 million.
Tiger Global, which led Wow! Momo’s Series B round in 2019, did not participate in the Series C or the current (Series D) round.
Established in 2008 by Sagar Daryani & Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company boasts 630 outlets across 35 cities and directly employs 6,000 people.
Wow! Momo aims to achieve a topline of Rs 650-700 crore in fiscal year 2024, a significant increase from Rs 435 crore in fiscal year 2023. Despite not filing financial statements for FY23, the company reported a two-fold growth in revenue from operations, reaching Rs 220 crore in FY22 from Rs 106 crore in FY21.
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