It is not only tech-based startups that are bagging all the funding from investors, but some offline startups are also repeatedly creating Wow! Moment for themselves. Kolkata-headquartered Wow! Momo, a chain of fast food restaurants, has been able to establish its reputation among investors.
The chain of fast food restaurants is back in the news with a fresh investment of Rs 3 crore from William Bissell, Managing Director, FabIndia. With this investment, the value of the company has also risen to around Rs 300 crore.
In June last year, Wow! Momo had raised Series B funding of Rs 44 crore led by Lighthouse Funds and IAN at a valuation of Rs 230 crore.
In the last funding round, it had also provided a highly profitable exit to some of the Indian Angel Network (IAN) Investors, which decided to sell their shares partly or fully to Lighthouse at a return of 106 per cent on their initial investment, in a period lesser than 18 months.
Founded in 2008 by Sagar Daryani, Binod Homagai and Miftaur Rahman, Wow! Momo clocked a total turnover of Rs 75 crore in FY18. During this fiscal, the company also opened 65 stores, taking its overall count to 168 outlets.
The trend of fundraising by offline food startups has picked pace in the past few years. Last June, a Mumbai-based food startup Wegan Foods captured the limelight by raising funds from UAE Princess Sheikha Arwa Al Qassimi.
A member of the royal family of Sharjah and Ras Al Khaimah, Al Qassimi had invested an undisclosed sum in the Mumbai-based food startup.
The development was first raised by ET.
