Wow! Momo, a quick-service restaurant (QSR) chain, announced on Tuesday that it has secured Rs 410 crore (approximately $49 million) in its Series D funding round led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, and OAKS Asset Management. Khazanah led the round with an investment of Rs 350 crore, while existing investor OAKS contributed the remaining Rs 60 crore.
The funds raised will be utilized by Wow! Momo to fuel the growth and expansion of its QSR brand. Additionally, the company plans to invest in distribution, research and development (R&D).
Sagar Daryani, CEO and Co-founder of Wow! Momo Foods, expressed joy in providing partial exits to its initial investors, Indian Angel Network and Lighthouse Funds. He emphasized that the company's growth journey has just begun, and with Khazanah's long-term approach, they aim to become a powerhouse of innovation and transformation in the food space, focusing on sustainability, growth, and breakthroughs.
Khazanah, known for backing companies like Xpressbees, Flipkart, and TransUnion CIBIL in India, aims to support Wow! Momo's growth by enhancing scalability, technological fortification, and building a robust backend capability. Wow! Momo has plans to enter over 100 cities and expand its footprint to more than 1,500 stores in the next three years. Currently, the QSR chain operates 630 outlets across 25 cities.
(With Agency Inputs)
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