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Wow! Momo Foods that operates with three brands, Wow! Momo, Wow! China and Wow! Chicken, has raised over $15 million from OAKS Asset Management. The fresh fund will enable the brand to build strong back-end capabilities to enter into tier I and II markets of the country. It also helps fuel expansion of the QSR business and strengthens the FMCG arm of Wow! Momo.
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“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 and 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,” Sagar Daryani, CEO and co-founder, Wow! Momo Foods.
The multi-billion-rupee QSR chain, currently, has a monthly revenue run-rate of over INR 40 crore and plans to double its growth by mid next year. The brand is poised to the financial year with a topline of over INR 450 crore as opposed to INR 220 crore recorded in the last fiscal year, claimed by the company in a statement.
“We are excited to partner with Wow! Momo. With a track record of having partnered with some of the best entrepreneurs in the Indian F&B space, we are excited to see the execution by the Wow! Momo team. We expect them to not only gain domestic market share in India but also to be the first global sized QSR company from India,” said Vishal Ootam, founder and CEO of OAKS Asset Management.
