The investment will be made through both primary infusion and secondary purchase from early-stage investors, Indian Angel Network and Lighthouse Funds. Existing investor Oaks Asset Management also infused an additional Rs 60 crore in this round.
Sagar Daryani, cofounder and chief executive of Wow! Momo Foods, confirmed the development to ET.
Also read | Wow! Momo Foods raises Rs 125 crore in funding from Oaks Asset Management
The round will give an exit to angel investors from The Indian Angel Network (IAN) and a part exit to series A investor Lighthouse Funds, he said, adding “We will strive to transform the food space”.
Launched in August 2008, Wow! Momo operates 630 stores across more than 35 cities, about a third of which are small-format or kiosk stores in malls, tech parks and hypermarkets. The brand carved a niche for itself amid limited competition nationally and capitalised on the popularity of the cuisine in India. The company operates three subbrands—Wow! Momo, Wow! China and Wow! Chicken.
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The primary fund will fuel the growth and expansion of the brand, strengthen distribution, and research and development for the FMCG arm, which sells packaged frozen ready-toeat momos in retail stores and ecommerce platforms.Daryani said the chain is on track to expand to another 100 cities and a footprint of over 1,500 stores in three years.
Executives said the latest fund raise is a testament to food services showing renewed investor interest, even amid
heightened competition and an influx of global brands entering India.
Ratings firm Icra said India’s fast-foods and quick-service restaurant companies would add around 2,300 stores between FY23 and FY25, and invest an estimated Rs 5,800 crore in capital expenditure, capitalising on increased affordability and higher consumer demand for fast foods.
With a post money valuation of over Rs 2,400 crore , the chain has raised Rs 500 crore till date, excluding the current round, with 45% ownership held by the founders, promoters and workers.
The investment will be made through both primary infusion and secondary purchase from early-stage investors, Indian Angel Network and Lighthouse Funds. Existing investor Oaks Asset Management also infused an additional Rs 60 crore in this round.
Sagar Daryani, cofounder and chief executive of Wow! Momo Foods, confirmed the development to ET.
Also read | Wow! Momo Foods raises Rs 125 crore in funding from Oaks Asset Management
The round will give an exit to angel investors from The Indian Angel Network (IAN) and a part exit to series A investor Lighthouse Funds, he said, adding “We will strive to transform the food space”.
Launched in August 2008, Wow! Momo operates 630 stores across more than 35 cities, about a third of which are small-format or kiosk stores in malls, tech parks and hypermarkets. The brand carved a niche for itself amid limited competition nationally and capitalised on the popularity of the cuisine in India. The company operates three subbrands—Wow! Momo, Wow! China and Wow! Chicken.
Discover the stories of your interest
The primary fund will fuel the growth and expansion of the brand, strengthen distribution, and research and development for the FMCG arm, which sells packaged frozen ready-toeat momos in retail stores and ecommerce platforms.Daryani said the chain is on track to expand to another 100 cities and a footprint of over 1,500 stores in three years.
Executives said the latest fund raise is a testament to food services showing renewed investor interest, even amid
heightened competition and an influx of global brands entering India.
Ratings firm Icra said India’s fast-foods and quick-service restaurant companies would add around 2,300 stores between FY23 and FY25, and invest an estimated Rs 5,800 crore in capital expenditure, capitalising on increased affordability and higher consumer demand for fast foods.
With a post money valuation of over Rs 2,400 crore , the chain has raised Rs 500 crore till date, excluding the current round, with 45% ownership held by the founders, promoters and workers.