Wow! Momo, an eight-year-old start-up venture, has got funding from William Bissell, the managing director of FabIndia, who will also be on its advisory board. In his personal capacity, Mr. Bissell is learnt to have invested about ₹3 crore in the firm.
Wow! Momo was founded by Sagar Daryani, Binod Homagai and Miftaur Rahman of Kolkata, all college batch-mates.
Equity funding
The start-up raised the first round of equity funding of ₹10 crore in 2015 from India Angel Network (IAN) led by Sanjeev Bikhchandani, founder, Naukri.com, Saurabh Shristava, and Ashvin Chadha (co-founder, Anicut Capital). Lighthouse Funds, led by partner Sachin Bhartiya, invested ₹44 crore last year, making this the single largest dose, said Sagar Daryani, CEO, Wow! Momo.
In 2017-18, the company opened 65 stores to close 2017-18 with 168 stores. Revenue grew from ₹49 crore to ₹75 crore with an estimated EBITDA of about 9%, according to a statement.
With his experience of running a profitable retail chain, Mr. Bissell would be sitting on the advisory board of Wow! Momo and guide the fast-growing momo chain along with the existing mentors, the statement said. “Sagar and his colleagues at Wow! Momo have, in a very short time, created an exciting, well-priced and profitable new concept in fast food,” Mr. Bissel said in a statement.
Wow! Momo is planning to open 100 stores this year. It is now present in eight states.