QSR chain Wow! Momo raises $23 mn funding from Tiger Global

Wow! Momo has secured $23 million in a Series B funding round led by Private Equity (PE) giant Tiger Global. This marks Tiger Global’s first investment in a QSR brand in India.

With this investment, Wow! Momo is now valued at Rs 860 crore, one of the highest among QSR chains in the country.

Wow! Momo owns and operates Quick Service Restaurant (QSR) brands, Wow! Momo and Wow! China, in India. Currently, the QSR chain has 282 outlets of Wow! Momo and 11 outlets of Wow! China across 15 cities.

Sagar Daryani, CEO & Co-Founder, Wow! China/Wow! Momo, said, “From running a handful of kiosks in Kolkata to becoming a brand operating in over 15 cities, our ‘Make-in-India’ journey has come a long way. We are super excited and thankful in welcoming Tiger Global on board and looking forward to leverage upon their global connects, experience and knowhow.”

“This partnership is indeed a big step forward in our endeavour to become an Indian origin QSR chain with an aim to go global in times to come. We will smartly use the capital infused to further scale our operations backed with disruptive research and development to reach out to a larger consumer base within the country,” he added.

Wow! Momo Foods is eyeing to make Rs 190 crore in revenue in FY20. At present, the company is clocking a monthly run rate of more than Rs 15 crore and launching over 10 new Wow! Momo outlets every month.

Scott Shleifer, Partner and Head, private equity, Tiger Global Management, stated, “I am extremely confident that with our expertise backed by a strong leadership team at the helm, Wow! Momo is all set to become the face of Indian QSR on a global diaspora.”

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