Wow! Momo, the Kolkata-based quick-service restaurant (QSR) chain, has successfully attracted a substantial investment of over INR 350 Cr ($42 Mn) from Malaysian sovereign fund Khazanah Nasional Berhad. The funding, encompassing both primary infusion and secondary purchases from early-stage investors, is set to drive the expansion of Wow! Momo’s flagship brand and fortify its presence in the Quick Service Restaurant sector.
In addition to Wow! Momo, the startup boasts two other successful brands – Wow! China and Wow! Chicken. The investment comes at a crucial juncture as Wow! Momo aims for an aggressive expansion plan of over 200 outlets in the coming fiscal year, targeting a total footprint of more than 1500 stores in the next three years.
Sagar Daryani, CEO, and Co-founder of Wow! Momo Foods expressed enthusiasm about the strategic investment, stating, “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.”
The investment from Khazanah Nasional Berhad will not only fuel growth and distribution but also support research and development for the startup’s fast-moving consumer goods (FMCG) arm. The funding marks the continuation of a strong financial year for Wow! Momo, which reported a remarkable over 2X jump in revenue, reaching INR 219.8 Cr in the fiscal year 2021-22.
Dato’ Amirul Feisal Wan Zahir, Managing Director at Khazanah, outlined their vision for the investment, stating, “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.”
With the backing of Khazanah and additional funding from existing investor OAKS Asset Management, Wow! Momo is poised to solidify its position in the QSR market, expand its footprint, and continue its upward trajectory in the FMCG sector.
