New Delhi: Wow! Momo, India’s leading chain of quick-service restaurants (QSR), has secured an investment of Rs 70 crore from Z3Partners in an extension to its latest round of fundraising, a release by the company said on Tuesday.
This round is a top-up to previous ones, and is one of the largest in recent times, totalling over Rs 480 crore. The funding includes a primary infusion of Rs 270 crore and a secondary purchase of Rs 210 crore from early-stage investors in the company.
Sagar Daryani, chief executive officer (CEO), Wow! Momo said, “For us, this is just the beginning. We have been consistent, resilient, and sharply focused on sustainable growth, and the belief shown by this round of investors strengthens our resolve to be changemakers.”
Earlier in the fundraising round, Wow! Momo received investments from Khazanah Nasional Berhad (“Khazanah”), the sovereign wealth fund of Malaysia, and OAKS Asset Management. Wow! Momo operates three strong national brands – Wow! Momo, Wow! China, and Wow! Chicken – with a robust presence of over 600 outlets across 38 cities. The company has also ventured into the FMCG sector alongside its QSR vertical.
The primary capital infusion will drive the expansion of Wow! Momo’s QSR brand and strengthen its distribution network and research and development (R&D) for the FMCG arm.
Wow! Momo, launched in 2008 offers a diverse range of ready-to-eat momo variants. Z3Partners is an early-growth stage fund focused on investing in digital, technology, and commerce businesses. With a 20-year lineage of investing in market leaders, Z3Partners aims to back scalable businesses with large addressable markets that leverage technology to drive efficiencies across the value chain.
