fast food franchise with locations in Kolkata Holy cow! The sovereign wealth fund of Malaysia, Khazanah Nasional Berhad, spearheaded Momo’s Series D funding round, which raised $49 million, or around Rs 410 crore. In addition to new investors, existing investors OAKS Asset Management contributed 60 million rupees to the round.
New funds will be useful Holy cow! Momo is building its R&D expertise and speeding up its expansion plans across India. The company’s goal is to open more than 1,500 stores in over 100 cities by the year 2027.
From major cities like Delhi and Mumbai to smaller villages like Siliguri, Muzaffarpur, and Malda, Momo runs over 630 outlets in 25 cities across India. It offers a large selection of momos, wraps, rice bowls, and drinks.
Khazanah Invests Rs 350 Cr In Wow Momo
About Rs 350 crore has been invested by Khazanah in this round. Significantly, Wow! Momo is receiving its first direct investment from the governmental fund. Khazanah has previously invested in Xpressbees, Flipkart, and TransUnion CIBIL, among other prominent Indian firms.
Sagar Daryani, CEO and Co-creator of Wow! Momo, claims that providing a partial exit to current investors is the most satisfying thing a creator can do. Some of the earlier investors, including Lighthouse Funds and the Indian Angel Network, have pulled their money out of this round.
According to Daryani, Wow! Momo will be able to take its growth to the next level with the help of the new funding. Considering both expansion and long-term viability, his goal is to transform the chain into a global leader in innovation.
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Expansion Across Tier I, II & III Cities On The Cards
Wow! We’re currently serving almost 400 thousand people every single day! In addition to expanding into Tier II and III cities, Momo intends to increase its footprint in major metro areas.
In the future, Daryani plans to realize the full potential of less populous urban areas. Also planned is a more thorough exploration of current areas before venturing into uncharted territories.
Discretionary expenditure is higher in non-metro Indian cities, where the QSR brand could profit from increased consumption. Its goal is to open more than 1,500 outlets in 100 cities by 2027.
Lighthouse India Fund III, Tree Line Asia Master Fund, and IAN Fund were among the other important investors that took part in the financing round. Among the current significant backers is Tiger Global.
My my, this is amazing! In order to support its expansion objectives, Momo has secured over $81 million in capital through various investment rounds. The latest round of funding will provide its expansion strategy in India a much-needed boost.
Sources:
- https://www.dealstreetasia.com/stories/wow-momo-khazanah-378879
- https://www.republicworld.com/business/startups/malaysia-based-khazanah-invests-42-million-in-wow-momo-s-series-d-funding-round/?amp=1
- https://inc42.com/buzz/malaysian-sovereign-fund-khazanah-infuses-42-mn-into-wow-momo/
- https://entrackr.com/2024/01/wow-momo-raises-42-mn-led-by-khazanah/