Wow Momo Foods has secured finance from private equity firm Oaks Asset Management in the amount of Rs 125 crore, valued at Rs 2,125 crore.
Wow! Momo plans to seek Rs 100 crore in a second tranche, which will be organized with a different fund, as part of the funding.
Details about Wow Momo Foods raised funding of Rs. 125 crores:
Mid-market private equity firm Oaks Asset Management, which focuses on the consumer sector, received Rs 1,000 crore for the first closure of its second fund in June. Private equities and sovereign funds have increased their activity while late-stage innovation investing by venture capitalists like Tiger Global and SoftBank has slowed.
The business, which Daryani and Binod Homagai founded in August 2008, has 480 locations throughout 21 cities.
The company declared that it would boost Wow Momo’s FMCG division and use the new investment to expand its quick service division. The money will also be used to expand its reach into over 100 cities and develop strong back-end capabilities.
At a valuation of Rs 1,225 crore, the company raised about $17 million in September 2021 under the direction of Tree Line Investment Management. Jubilant FoodWorks and Westlife Development were investments made by Tree Line, an investment company with offices in Hong Kong and Singapore.
The master franchisee for the McDonald’s business in the South and West is held by the latter’s subsidiary Hardcastle Restaurants Pvt Ltd. In 2019, it also received funding from Tiger Global Management, a New York-based company.
Since its previous round, Wow Momo has added Wow! Chicken, a quick service restaurant brand intending to Indianize fried and grilled chicken, to its portfolio of two brands, Wow Momo and Wow! China. Over the following 24 months, the corporation intends to expand this brand throughout all major metro areas as well as tier-1 and tier-2 cities.
The company announced that its ready-to-eat selection has undergone a makeover and will be accessible in the upcoming quarter at all major grocery chains and e-commerce websites.