Delhi-based food chain Wow! Momo Foods, renowned for its popular brands Wow! Momo, Wow! China, and Wow! Chicken, has secured a significant investment of Rs 70 crore from Z3Partners.
This infusion of capital comes as an extension to the company’s recent funding round, which saw participation from esteemed investors such as Khazanah Nasional Berhad and OAKS Asset Management.
Breaking Down the Investment
The latest round of funding, with Z3Partners leading the charge, has catapulted the total fundraise to over Rs 480 crore.
This amount comprises Rs 270 crore through primary infusion and an additional Rs 210 crore facilitated by the secondary purchase of shares from early-stage investors.
The substantial influx of capital is earmarked to fuel Wow! Momo Foods’ growth trajectory and further strengthen its market presence.
Strategic Utilization of Funds
The primary focus of the funds will be on expanding Wow! Momo Foods’ quick-service restaurant (QSR) brand, enhancing the distribution network,
and intensifying research and development efforts within the fast-moving consumer goods (FMCG) division. This strategic allocation underscores the company’s commitment to innovation and customer satisfaction.
Insight from Z3Partners
Rishi Maheshwari, Managing Partner at Z3Partners, expressed confidence in Wow! Momo Foods’ growth strategy, highlighting the company’s relentless pursuit of excellence in the food industry.
He emphasized the alignment between Z3Partners’ investment philosophy and Wow! Momo Foods’ scalable business model, underpinned by technological advancements.
A Trailblazer in the Food Industry
Established in August 2008, Wow! Momo Foods has solidified its presence with over 630 outlets spanning across 38 cities.
The company’s ambitious expansion plans include the addition of 200 outlets in the current fiscal year, coupled with sustained growth in its FMCG segment.
Backed by investors like Tiger Global, Wow! Momo Foods has amassed over $103 million in equity funding, according to data from Tracxn.
Projections and Global Aspirations
Anticipating robust growth, Wow! Momo Foods aims to surpass Rs 500 crore in revenue for the fiscal year 2023-24. Furthermore,
the company harbors aspirations of venturing into Southeast Asia and the Gulf Cooperation Council, underscoring its ambition to establish a global footprint in the food industry.
Wow! Momo Foods’ latest funding milestone not only signifies a vote of confidence from investors but also underscores
the company’s relentless pursuit of innovation and expansion in the ever-evolving food landscape. With Z3Partners on board, the stage is set for Wow! Momo Foods to embark on a new chapter of growth and succes
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