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Rs. 125 crore has been raised by Wow! Momo from OAKS Asset Management at a valuation of Rs 2,125 crore, as per an announcement by the company.
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Rs. 125 crore has been raised by Wow! Momo from OAKS Asset Management at a valuation of Rs 2,125 crore, as per an announcement by the company.
The company said that the latest funding is a part of a two tranche-raise and that it plans to raise an additional Rs. 100 crore in the next quarter.
“The funds will be used to strengthen the company’s capabilities for its foray into the tier 2 and 3 markets and fortify its FMCG growth,” said the firm.
The brand has its reach in 21 cities and owns over 480 outlets. It is also planning to expand to over 100 cities. It operates 3 brands - Wow! Momo, Wow! China and Wow! Chicken and claims to have a monthly revenue run-rate of over Rs 40 crore.
The growth plan of the firm includes recording a topline of over Rs 450 crore.