Wow! Momo raises over $15M in Series C round
Wow! Momo Foods announced that it has raised over $15 million in a Series C round led by Tree Line Investment Management.
IAN Fund (Indian Angel Network), along with existing investor Lighthouse Funds also participated in the round.
The latest funds will allow the brand to increase efforts on its freshly launched FMCG business, drive the expansion of its QSR & Cloud Kitchen brands, and also push its growth for the launch of its new segments to be announced soon.
With the fresh infusion of capital, the company is now ready to introduce Wow 2.0 post its latest pivot.
Founded in August 2008, the QSR chain is present across more than 350 outlets of Wow! Momo and 50 outlets of Wow! China at present. The company is looking to establish more than 150 stores and 50 cloud kitchens in the next year and grow 2x plus on a monthly run rate by next August.
Speaking about the funding, Sagar Daryani, CEO & Co-founder, said, “When we started off 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. We have re-engineered 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 on a platter.”
Commenting on the investment, 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.”
Wow Moms has established itself as a leading and favored brand in the market. I’m sure with the latest developments, the company will continue to reach new heights of success. My best wishes to the team of Wow Momo.Shishir Gupta, Founder and CEO, StartupLanes
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