Wow! Momo Raises Rs 410 Crore Led By Malaysia's Sovereign Wealth Fund
Wow! Momo's aim is to enter over 100 cities and over 1,500 stores in the next three years with its restaurant model, while expanding FMCG presence.
Wow! Momo Foods, the parent company of fast food brands Wow! Momo, Wow! China and Wow! Chicken has raised over Rs 400 crore, led by Khazanah Nasional Berhad, Malaysia's sovereign wealth fund.
About Rs 350 crore has been invested by the fund, while Rs 60 crore has been ploughed in by existing investor OAKS Asset Management.
The investment will be made through both a primary infusion and a secondary purchase. It will provide an exit to early-stage investors—Indian Angel Network and Lighthouse Funds.
"The primary fund will fuel the growth and expansion of the quick service restaurant brand and help to strengthen the distribution foothold and research and development for the FMCG arm. The entire round is a testimony to the brand’s vision, scalability, and rigour on profitability," the company said in a statement.
Wow! Momo's aim is to enter over 100 cities and over 1,500 stores in the next three years with its restaurant model.
It is also expanding its presence in the FMCG space, with ready-to-eat momos and other packaged foods lined up for launch.
