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Wow! Momo Raises $42M in Series D Funding Led by Khazanah Nasional Berhad

Wow! Momo, a quick-service restaurant (QSR) chain, has successfully raised Rs 350 crore (approximately $42 million) in its Series D funding round. The funding was led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, with participation from existing investor Oaks Asset Management, which invested an additional Rs 60 crore in this round.


The Series D round involves both primary infusion and secondary purchases, allowing for partial exits of early-stage investors, including Indian Angel Network and Lighthouse Funds. The latest capital infusion is expected to play a crucial role in fueling the growth and expansion of Wow! Momo, supporting its distribution foothold, and contributing to research and development for its Fast-Moving Consumer Goods (FMCG) arm.


The Series D round for Wow! Momo commenced in September of the previous year with an initial $16 million, followed by an additional $9 million in October. The cumulative funding from ValueQuest Capital, V'ocean Investment, and Oaksand India across the first two tranches amounted to $25 million. The startup data intelligence platform, TheKredible, estimated that the second tranche of funding valued Wow! Momo at a post-money valuation of approximately $340 million. Interestingly, Tiger Global, which led the company's Series B round in 2019, did not participate in the subsequent Series C or the current Series D funding rounds.


Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company boasts a wide presence with 630 outlets across 35 cities and directly employs around 6,000 people. Wow! Momo has set ambitious targets for the current fiscal year (FY24), aiming to achieve a topline revenue of Rs 650-700 crore, a substantial increase from its FY23 revenue of Rs 435 crore. While the financial statements for FY23 are yet to be filed, the company experienced remarkable growth, with its revenue from operations doubling to Rs 220 crore in FY22 from Rs 106 crore in FY21.


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