Wow! Momo secures ₹70 crore from Z3Partners
Quick service restaurant chain Wow! Momo has raised an additional ₹70 crore from Z3Partners as part of an extended Series D round, the company said on Tuesday.
In January, Wow! Momo had secured ₹410 crore in Series D funding, led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, and existing investor OAKS Asset Management, at a post-money valuation of nearly ₹2,460 crore.
“This investment, which marks a continuation of the last round, is a primary investment by Z3Partners, an earlygrowth tech and digital investor,” Wow! Momo said in a statement. The company maintained its valuation for this extended round.
The fresh infusion from Z3Partners, takes the company’s total Series D funding to ₹480 crore. Of this, ₹270 crore was primary infusion, while ₹210 crore was through a secondary purchase of shares from early investors— the Indian Angel Network and Lighthouse Funds.
Since its launch, the company has raised external funding of over ₹625 crore, including ₹40 crore in 2017 from Lighthouse Funds, and ₹120 crore in 2019 from Tiger Global Management.
Established in 2008, Wow! Momo operates under three separate brands, including Wow! Momo, Wow! China and Wow! Chicken. It runs over 600 outlets across 38 Indian cities. Additionally, it has a considerable presence in the fastmoving consumer goods sector.
According to the company, the fresh capital will help fuel growth and expansion of its quick service restaurant (QSR) brand, and strengthen its distribution network. Additionally, it will also boost its research and development (R&D) initiatives for its FMCG
The fresh infusion from Z3Partners takes the company’s total Series D funding to ₹480 crore
arm.
Wow! Momo, along with Wow! China, and Wow! Chicken, seeks to have a presence across 100 cities, with over 1,500 stores within three years.
“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 on us, fortifies our faith and further motivates us to be change makers. Z3Partners, we felt, have a strong strategic lens, which will only strengthen our guardrails, going forward,” Sagar Daryani, chief executive, Wow! Momo, said.