Food chain Wow! Momo raises Rs 70 crore from Z3Partners
Quick-service restaurant (QSR) chain Wow! Momo, on Wednesday, said it has raised Rs 70 crore from Z3Partners, which is as an extension to its latest round of fundraise.
The round builds upon the previous funding of Rs 350 crore from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.
Wow! Momo runs three brands called Wow! Momo, Wow! China and Wow! Chicken.
“We have been consistent and resilient and sharp-focused on sustainable growth and the belief this round of investors have shown in us fortifies our faith and further motivates us to be change-makers,” said Sagar Daryani, CEO of Wow! Momo.
Launched in 2008, the company has over 600 outlets across 38 cities. It has also forayed into the FMCG sector along with their QSR vertical.
“Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country. Over the years, Sagar and team have singularly focused on building a high-quality food business at scale, fuelled by superior execution expertise,” said Rishi Maheshwari, Managing Partner at Z3Partners.
With participation of Rs 70 crore from Z3Partners, it makes this round one of the largest in recent times with over Rs 480 crore; out of which Rs 270 crore is via primary infusion and Rs 210 crore is of secondary purchase from early-stage investors in the company.
