Lokesh Choudhary · · 1 min readKhazanah Nasional backs Indian cloud kitchen startup’s $42m round
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India-based startup Wow Momo Foods recently raised US$42 million in series D funding from Malaysia’s sovereign wealth fund, Khazanah Nasional.
The funding includes both a primary infusion and a secondary purchase from early investors like The Indian Angel Network and Lighthouse Funds. Existing investor Oaks Asset Management also contributed to the round.
Wow Momo Foods will use the funds to fuel the growth of its quick-service restaurant (QSR) brand, strengthen distribution for its FMCG arm, and support research and development.
QSR is a type of establishment that serves fast food with minimal table service.
With over 630 outlets in more than 35 cities, the company plans to expand by adding 200 new outlets in the coming fiscal year.
In 2019, the firm also announced plans to expand into cloud kitchens to help grow its food delivery business.
Launched in 2008 by Sagar Daryani and Binod Homagai, Wow Momo Foods operates three QSR brands: Wow Momo, Wow China, and Wow Chicken. It’s aiming to achieve a top line of US$78.3 million in fiscal year 2024, an increase from US$52.4 million in fiscal year 2023.
The brand also plans to enter over 100 cities, reaching 1,500 stores in the next three years, while also expanding its FMCG presence with new product launches.
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Editing by Miguel Cordon and Jaclyn Tiu
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