QSR restaurant chain. Wow! Wow! is currently owned and operated by Momo Foods. Wow! and Momo! Tree Line Investment Management led a $15 million Series C investment round for China. IAN Fund (Indian Angel Network) and existing investor Lighthouse Funds also participated in the round.
The additional capital will allow the company to focus more resources on its recently formed FMCG business, expand its QSR and Cloud Kitchen brands, and accelerate the launch of new verticals.
The QSR chain, which debuted in August 2008, now has over 350 Wow! Momo locations and 50 Wow! China locations. By August of next year, the company plans to open over 150 storefronts and 50 cloud kitchens, as well as double its monthly run rate.
Sagar Daryani, CEO & Co-founder, said: “When we started off with Wow! Momo and later Wow! China, we were confident about the potential that the market holds. We had a clear roadmap on first strengthening our restaurant business, followed by a foray into FMCG space. We have reengineered our core during the last few years; we want to be a brand that makes good food and food good! Be it QSR or FMCG or plugging the nutritional gap – the fabric of Wow! is to serve health, hygiene and happiness on a platter.”
Zaheer Sitabkhan, Founder of Tree Line Investment Management said, “Wow Momos has demonstrated a keen focus on delighting Indian consumers with both taste and value. As India is rapidly emerging from covid, we are enthusiastic about their growth plans both in the QSR and ready to eat category. We are excited to join Wow Momos on their path for growth, and wish them well in this next chapter of their story.”