Wow! Momo Foods, the Kolkata-based quick service restaurant chain has confirmed picking up $23 million (INR 163.7 crore) as part of Series B fundraising. The latest financing is led by Tiger Global Management and takes the valuation of the firm to 120.8 million ((INR 860 crore).
Notably, when the firm updated its valuation last year, the firm was valued around 300 crore which means it has grown over 186 percent since then. Prior to this round, William Bissell, Fabindia managing director has infused $450K (INR 3 Crore) in the firm last year in June. With the latest funding, the total amount raised by the firm now stands at $30.3 million.
The company was founded by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman. It runs the country's biggest chain of momos. It operates the firm under the name of Wow! Momo and Wow! China. Wow! has more than 120 outlets across 15 cities, including Mumbai, Bengaluru, Kolkata, Delhi, and Kochi.
Sagar Daryani, CEO of the firm said, “We will use the capital to further scale our operations backed with disruptive research and development to reach out to a larger consumer base within the country.” It is also working on their plans for global expansion.
Scott Shleifer, Partner, Tiger Global commenting on the funding said, "We are excited to partner with Wow! Momo. We believe the company has a strong leadership team focused on creating value through innovation and creativity. We expect Wow! Momo to continue gaining market share of Indian QSR.”
Notably, Indian Angel Network (IAN) which was an early investor will make an exit after taking $3 million which is seven-fold more return than the investment it had made. IAN’s Sanjeev Bikhchandani commenting about the firm said, “Wow! Momo team has been able to successfully create a new dominant category in the QSR space on the back of their innovative product offerings and effective customer service and we are looking forward to tasting the surprises it will unveil in the future. “
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