Tiger International-backed QSR model Wow! Momo Meals has raised $15 million in a Sequence C funding spherical led by Tree Line Funding Administration. The funding spherical additionally noticed participation from IAN Fund (Indian Angel Community), in addition to present investor Lighthouse Funds.
The recent funds will allow the model to amplify efforts on its newly launched FMCG enterprise, add extra vitality to the growth of its QSR sloud kitchen manufacturers and likewise gas its progress within the launch of its new verticals to be introduced quickly.
The Sequence C funding spherical values the QSR model at over Rs 1,225 crore. The corporate was valued at Rs 860 crore in September 2019 when it raised cash from Tiger International.
Wow! Momo Meals operates two QSR manufacturers—Wow! Momo and Wow! China. Launched in August 2008, the multi-billion-rupee QSR chain at the moment operates 350 shops of Wow! Momo and greater than 50 shops of Wow! China.
Within the subsequent 12 months, the corporate is planning to arrange over 150 shops and 50 cloud kitchens, and develop greater than two instances on month-to-month run fee by subsequent August.
Sagar Daryani, CEO & co-founder, Wow! Momo Meals, stated “After we began off with Wow! Momo & later Wow! China, we have been assured in regards to the potential that the market holds. We had a transparent roadmap on first strengthening our restaurant enterprise, adopted by a foray into FMCG house. We’ve reengineered our core throughout the previous couple of years; we need to be a model that makes good meals and meals good! Be it QSR or FMCG or plugging the dietary hole.”
Earlier this quarter, Wow! Momos additionally made its foray into FMCG house, launching able to eat momos. The ready-to-eat momos are completely out there on Massive Basket and can quickly be accessible throughout different e-commerce channels and trendy commerce platforms, and after six months, in tier-II and III cities as effectively.
Zaheer Sitabkhan, founding father of Tree Line Funding Administration, stated, “Wow Momos has demonstrated a eager concentrate on delighting Indian customers with each style and worth. As India is quickly rising from covid, we’re keen about their progress plans each within the QSR and able to eat class. We’re excited to affix Wow Momos on their path for progress, and need them effectively on this subsequent chapter of their story”
Final two years, in keeping with Daryani have been pivotal for model Wow! Momo and Wow! China; from rising the web supply enterprise by 7X to creating strategic partnerships or be it seeding new verticals of FMCG. It has been energy packed and a story of an absolute bounce again!