![Wow! Momo raises Rs 125 Cr at Rs 2,125 Cr valuation Wow! Momo raises Rs 125 Cr at Rs 2,125 Cr valuation](https://varindia.com/storage/news/uploads/2018/02/631c80846e42f.jpg)
Wow! Momo, the quick service restaurant chain, has raised over Rs 125 crore from OAKS Asset Management at a valuation of Rs 2,125 crore in its Series D round of funding. The restaurant chain is set to raise another Rs 100 crore from another venture capital fund in the next quarter, as part of the second tranche of the funding round.
The company plans to use the fresh funds to build strong back-end capabilities for entering the Tier-1 and Tier-2 markets in India. Wow! Momo currently operates three brands, Wow! Momo, Wow! China and Wow! Chicken with 480 outlets in 21 cities.
The company has an expansion plan to open over 250 new outlets during this fiscal year, supported by a network of over 50 Wow! Chicken stores and acquire strong brands. The company aims to complete the current fiscal year with a topline of over Rs 450 crore as compared to Rs 220 crore in the previous fiscal year.
Sagar Daryani, CEO and Co-founder of Wow! Momo Foods, said, “You only grow when the ecosystem around you grows; even in such riotous times, good profitable, sustainable and scalable business models will always find the right backing & that is the faith with which we started our first outlet in 2008.”
Wow! Momo claims to currently have a monthly revenue run-rate of over Rs 40 crore and it plans to double its growth by mid-next year. In September last year, the company raised over $15 million in its Series C funding round led by Tree Line Investment Management.
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