New Delhi, Sept. 24 -- Quick-service restaurant chain Wow! Momo, which is backed by New York-based Tiger Global and Malaysian sovereign wealth fund Khazanah Nasional Berhad, has bagged an investment from 360 ONE, the asset and wealth management arm of the IIFL Group.
According to sources, 360 One invested close to Rs 75 crore ($8.45 million) in a larger bridge round of around Rs 130 crore to Rs 150 crore. Promoter of the snack company Haldiram's Kamal Agrawal and Malaysian fund Khazanah Nasional were other participants in the bridge round.
The investment will help Wow! Momo Foods expand its retail presence across its brands Wow! Momo, Wow! China, Wow! Chicken and Wow! Kulfi, said a press statement by the firm.
The proceeds will also help strengthen the retail push of its packed momos and cuppa noodles, the release said. The company plans to add 20 new stores every month this financial year, in addition to the 730-plus stores it currently operates across 84 cities and towns.
"With rising eating-out frequency and accelerating digital ordering among the next generation of consumers, we are excited about Wow! Momo's next phase of growth. This investment from our latest consumer fund, dedicated to backing category leaders, reflects our strong confidence in their vision and execution," Tarun Sharma, senior fund manager and strategy head - healthcare and consumer, 360 ONE Asset.
"We look forward to working closely with them as we continue to scale [up] across formats and categories in the QSR and FMCG space," said Sagar Daryani, co-founder and CEO - Wow! Momo Foods.
In February, VCCircle had reported that the QSR firm was planning to raise funds that would conclude by September-October.
For FY24, Wow! Momo reported net sales of Rs 470 crore, reflecting a 14% year-on-year growth, as per VCCEdge.
Wow! Momo has secured several rounds of funding over the years. In May, it secured Rs 195 crore ($22.8 million) in venture debt.
It raised funding from Khazanah in January last year and secured Rs 70 crore in primary capital from early-growth stage fund Z3Partners in April.
Previously, the company secured funding from Singaporean hedge fund Tree Line Investment Management in September 2021, from US-based private investment firm Tiger Global in 2019, from Lighthouse Funds in 2017, and from the Indian Angel Network in 2015.
Published by HT Digital Content Services with permission from VC Circle.