Wow! Momo Foods Raises INR 70 Cr Funding as an Extension to its Latest Round from Z3Partners The Delhi-based food brand plans to improve its distribution network, research and development initiatives for the FMCG segment, and quick-service restaurant brand growth and expansion by utilising the new earnings.
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The food chain brand Wow! Momo Foods has announced the raising of INR 70 crore in its latest round of funding from Z3Partners, an early-growth tech and digital investor.
It had raised INR 410 crore in Series D fundraising in January, led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, and existing investor OAKS Asset Management.
As per the official release, this investment, which marks a continuation of the last round, is a primary investment by Z3Partners. The round builds upon the momentum generated by Wow! Momo's previous successful funding of INR 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.
With participation of INR 70 crores from Z3Partners, the company's total Series D funding is INR 480 crores, out of which INR 270 crores are primary infusions and INR 210 crores are secondary purchases from early-stage investors (Indian Angel Network and Lighthouse Funds) in the company.
The primary proceeds will fuel the growth and expansion of the quick service restaurant (QSR) brand and help to strengthen the distribution foothold and research and development (R&D) for the FMCG arm.
Sagar Daryani, CEO of Wow! Momo, said, "For us, this is just the beginning; we have been consistent, resilient, and sharp-focused on sustainable growth, and the belief this round of investors have shown in us fortifies our faith and further motivates us to be changemakers."
Founded in August 2008 by Sagar Daryani and Binod Homagai, Wow! Momo runs three national brands: Wow! Momo, Wow! China and Wow! Chicken.
The platform has over 600 outlets across 38 cities. The firm aims to expand with an additional 200 outlets during the current fiscal year while also foraying into the FMCG sector.
Rishi Maheshwari, Managing Partner at Z3Partners, said, "Over the years, Sagar and his team have singularly focused on building a high-quality food business at scale, fuelled by superior execution expertise. This perfectly aligns with our investment thesis of backing scalable businesses with large addressable markets that leverage technology to drive efficiencies across the value chain."
