Wow! Momo raises Rs 125 crore from OAKS Asset Management, expected to raise 100 crore more

Wow! Momo, a homegrown QSR chain, has raised over Rs 125 crore from OAKS Asset Management, at a valuation of Rs 2,125 crore in its Series D round of funding.

The company operate three brands; Wow! Momo, Wow! China and Wow! Chicken.

According to a press statement, Wow Momo plans to raise additional Rs 100 crore in the following quarter from another venture capital (VC) firm in the second tranche of the fundraising round.

Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman founded the firm in 2008, and it now has 480 locations in 21 cities. Tiger Global-backed Wow! Momo now operates three brands: Wow Momo, Wow China, and Wow Chicken.

The new funds will be used to establish robust back-end capabilities in preparation for accessing India’s Tier-1 and Tier-2 sectors.

Wow! Momo

According to a statement from the QSR brand, Wow Momo is predicted to flourish with a “power-packed performance” in the following 24 months. The firm plans to open over 250 new locations this fiscal year, supported by a network of over 50 Wow! Chicken stores, and to acquire strong brands.

“We are excited to partner with Wow! Momo. With a track record of having partnered with some of the best entrepreneurs in the Indian F&B space, we are excited to see the execution by the Wow! Momo team. We expect Wow! Momo to not only gain domestic market share in India but also to be the first global sized QSR company from India,” added Vishal Ootam, Founder & CEO of OAKS Asset Management.

Wow Momo’s financial advisors in the acquisition were Investec. Wow Momo Foods has been able to restore the sustainability of Indian QSR with its recent Series D financing. It clarifies the recipe: all you need is a strong leadership team, a pan-India reach, sharp unit economics, an excellent growing environment, and, most crucially, consistent profitability; this is what has made Wow! Momo attract investors.

Wow! Momo seems to be an intriguing startup with inspiring development food and beverage services platform. This startup would continue to prosper in the future. Wishing this startup good luck in all its future endeavors.

Shishir Gupta, Founder and CEO, StartupLanes

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