Quick service restaurant Wow! Momo Foods has raised $15 Million in its Series D round from OAKS Asset Management. This funding is a part of a two tranche-raise with the second one being planned with another VC Fund.
The company announced that with these fresh funds the brand will build back-end capabilities to enter into Tier-II and III untapped market. Currently, Tiger Global backed company has 4800 outlets across 21 cities, but with this round they are tapping to enter into 100 more cities.
Commenting on the announcement, Sagar Daryani, CEO & Co-Founder, said “You only grow when the ecosystem around you grows; even in such riotous times, good profitable, sustainable and scalable business models will always find right backing & that is the faith with which we started our first outlet in 2008. As I keep saying we are a brand that is funded by the consumers and guided by the investors”
Wow! Momo Foods that currently operates with 3 Brands; Wow! Momo, Wow! China and Wow! Chicken. The brand was launched in August 2008 and now garnished a monthly revenue run rate of INR 40 crores and is aiming to double its growth by June next year.
Earlier this year, Wow! Momo launched its 3rd brand Wow! Chicken. The company is also planning to take this brand across all major metros and Tier-2 and Tier 3 cities over the next 24 months.