Wow! Momo, the beloved quick service restaurant chain, continues its journey of success with a significant boost of $9 million in an extended Series D round from Z3 Partners. This infusion of capital underscores the company’s commitment to growth and expansion in the dynamic food industry landscape.
Series D Milestone: Wow! Momo has successfully raised a total of Rs 480 crore ($51 million) in its Series D round, comprising Rs 270 crore primary funding and Rs 210 crore secondary investment. Notable participants in the secondary purchase include Indian Angel Network and Lighthouse Funds, as reported by media sources.
Strengthening Market Presence: With a valuation surpassing $300 million, Wow! Momo’s strategic focus remains on fortifying its position in the quick service restaurant segment and advancing its foray into the FMCG sector. The company’s entry into the FMCG domain in July 2021 marked a significant diversification strategy aimed at tapping into new revenue streams.
Expanding Footprint: Founded by Sagar Daryani and Binod Homagai, Wow! Momo Foods boasts a portfolio of three QSR brands: Wow Momo, Wow China, and Wow Chicken. With 630 outlets spanning across 38 cities and employing over 6,000 individuals, Wow! Momo is poised for further expansion. The company aims to add 200 new outlets during the ongoing fiscal year, reinforcing its commitment to growth and accessibility.
Financial Projections: Wow! Momo sets ambitious targets for the fiscal year, aiming to achieve a topline revenue of Rs 650-700 crore in FY24, a significant leap from Rs 435 crore in FY23. The company’s robust financial performance is evident from its exponential revenue growth, doubling from Rs 106 crore in FY21 to Rs 220 crore in FY22.
Future Outlook: As Wow! Momo continues to captivate taste buds and expand its culinary empire, the infusion of fresh capital heralds a new chapter of growth and innovation. With a steadfast focus on quality, innovation, and customer satisfaction, Wow! Momo is poised to carve a delectable path in the food industry landscape, delighting customers across India and beyond.
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