Wow! Momo raises $9 Mn more in Series D round

Quick service restaurant chain Wow! Momo has raised Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners.

With this, the firm has raised Rs 480 crore ($51 million) in Series D which includes Rs 270 crore primary and Rs 210 crore secondary. As per a media report, Indian Angel Network and Lighthouse Funds participated in the secondary purchase.

Wow! Momo scooped up Rs 350 crore (approximately $42 million) in the first tranche of Series D round led by Khazanah Nasional Berhad in January this year. The company was valued at over $300 million as per startup data intelligence platform TheKredible.

As per the company, the new proceeds will be used for growth and expansion of the quick service restaurant brand, strengthening the distribution and research and development for the FMCG arm.

The firm entered the FMCG segment in July 2021.

Launched by Sagar Daryani & Binod Homagai, 16-year-old Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China and Wow Chicken. The firm claims to have 630 outlets across 38 cities and directly employs 6,000 people.

The company aims to expand with an additional 200 outlets during the ongoing fiscal year (FY25).

Wow! Momo aims to reach a topline of Rs 650-700 crore this fiscal year (FY24), up from Rs 435 crore in FY23. While the firm is yet to file its financial statements for the last fiscal year (FY23), its revenue from operations grew two-fold to Rs 220 in FY22 from Rs 106 crore in FY21.