Homegrown quick service restaurant (QSR) player Wow! Momo Foods has raised over $15 Mn in its Series C funding round, led by Tree Line Investment Management. The latest funding takes the valuation of the startup to INR 1,225 Cr, making it one of the highest valued homegrown QSR brands. Its previous valuation was INR 860 Cr in September 2019, when it raised money from Tiger Global.
The funding round also witnessed the participation of IAN (Indian Angel Network) Fund, as well as existing investor Lighthouse Funds.
The fresh capital will enable the brand to amplify its newly launched Fast Moving Consumer Goods (FMCG) business, fuel expansion of its quick-service restaurants and cloud kitchen brands, and launch two more brands.
Wow! Momo Foods operates two QSR brands—Wow! Momo and Wow! China. Launched in August 2008, the multi-billion-rupee QSR chain currently operates 350 outlets of Wow! Momo and more than 50 outlets of Wow! China. In the next year, the company is planning to set up over 150 stores and 50 cloud kitchens, and grow more than two times on monthly run rate by next August.
Earlier this quarter, Wow! Momos also made its foray into FMCG space, launching ready to eat momos. The ready-to-eat momos are exclusively available on Big Basket and will soon be accessible across other e-commerce channels and modern trade platforms, and after six months, in tier-II and III cities as well.
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.”
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