Quick service restaurant (QSR) chain, Wow! Momo, said on Tuesday that it has raised Rs 410 crore (around $49 million) in its Series D round led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, and OAKS Asset Management.
Khazanah led the round by investing Rs 350 crore, while existing investor OAKS invested the remaining Rs 60 crore, according to the company.
Wow! Momo said that the funding will be used to grow and expand the QSR brand. It will also invest in distribution, research and development (R&D).
"There is no greater joy for a founder than giving its initial investors (Indian Angel Network and Lighthouse Funds) great partial exits. For us, the Bharat Story has just begun with a huge headway of growth," said Sagar Daryani, CEO and Co-founder of Wow! Momo Foods.
"With Khazanah's investment into the business and their long-term approach, we will strive to become the powerhouse of innovation and transformation in the food space while keeping a strong balance between sustainability, growth and backing breakthroughs," he added.
Khazanah has backed companies like Xpressbees, Flipkart, TransUnion CIBIL and others in India.
Moreover, the company said that it aims to enter more than 100 cities and increase its footprint to over 1,500 stores in the next three years. At present, the company has 630 outlets across 25 cities.
"We aim to encourage the growth of Wow! Momo through enhanced scalability, technological fortification, and focusing on building a strong back-end capability to support its growth," said Dato' Amirul Feisal Wan Zahir, Managing Director, Khazanah.
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