NEW DELHI: Fast-service restaurant (QSR) chain Wow! Momo has raised over $15 million ( ₹119 crore) from mid-market non-public fairness agency OAKS Asset Administration as a part of the primary tranche of its Sequence D spherical of funding.
The present deal has been struck at a submit cash valuation of ₹2,125 crore ($266 million).
The Kolkata-based agency will increase one other ₹100 crore within the subsequent three to 4 months within the second tranche of the spherical with an unnamed enterprise capital fund, as per a press assertion.
A supply mentioned the corporate may find yourself being valued at $280 million to $300 million after the conclusion of the second tranche.
The recent infusion will allow the Tiger International-backed agency to primarily construct robust back-end capabilities to enter into tier 1 and tier 2 markets of the nation. As of now, the corporate has over 480 shops throughout three brands- Wow! Momo, Wow! China and Wow! Rooster in 21 cities and goals to enter new 100 cities.
“We anticipate Wow! Momo to not solely achieve home market share in India but in addition to be the primary international sized QSR firm from India,” mentioned Vishal Ootam, founder & CEO at OAKS Asset Administration.
OAKS, which is within the technique of elevating ₹1,000 crore for its client sector centric fund, has invested in meals catering firm Foodlink, InCred, CredAble and ethnic put on maker Shree previously. It additionally counts Hero Electrical amongst its portfolio agency.
Wow! Momo, launched in 2008, has plans to launch 250 extra shops this fiscal. It has additionally lined up a couple of acquisitions.
The corporate had raised $15 million in its last round of funding in September 2021 and claimed it achieved submit cash valuation of ₹1,225 crore. The agency had launched its ready-to-eat momos below its FMCG class final yr. These momos can be found on Bigbasket and can be found throughout different e-commerce channels and trendy commerce platforms.
In early 2019, Wow! Momo had raised ₹120 crore from US-based marquee hedge fund Tiger International Administration. In 2017, it secured ₹40 crore from Lighthouse Funds, and in 2015 bought cash from Indian Angel Community.
The model is prone to finish the present monetary yr with a topline of over ₹450 crore versus ₹220 crore recorded within the final fiscal yr, the assertion added.
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Supply: Live Mint