Wow! Momo, a popular quick-service food chain, has raised Rs 350 crore (approximately $42 million) from Malaysian sovereign fund Khazanah Nasional Berhad. The investment includes both primary infusion and secondary purchases from its early-stage investors, Indian Angel Network, and Lighthouse Funds. Existing investor OAKS Asset Management has also invested an additional Rs 60 crore in the company.
Wow! Momo started in 2008, and since then it has experienced a continuous growth trajectory. It started by selling momos from one small outlet in Kolkata, and now it has more than 300 outlets across 17 major cities in India. It has a variety of momos with different tastes and styles. Apart from Wow! Momo, which is the flagship brand of the company, it recently launched two more brands, Wow! China and Wow! Chicken, to grab more market share.
The new investment will be used by the startup for further growth and expansion, strengthening its distribution channel, and improving the research and development capabilities of its FMCG arm.
The company’s co-founders are Sagar Daryani (CEO) and Binod Homagai (COO), and it is headquartered in Kolkata, West Bengal, India.