Wow! Momo has raised Rs 410 crore from Khazanah Nasional Berhad and Oaks Capital Management with a valuation of over Rs 2,400 crore for the company, according to TOI report.
The fundraising including both primary as well as secondary infusion will give partial exit to some present investors—Light House Funds and Indian Angel Network.
According to the company, Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia is investing Rs 350 crore while OAKS Asset Management, an existing investor is also putting in Rs 60 crore.
Commenting on the announcement, Sagar Daryani, CEO and co-founder, Wow! Momo Foods said, “There is no greater joy for a founder than giving its initial investors great partial exits. For us, the Bharat Story has just begun with a huge headway of growth. 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.”
He said that out of Rs 410 crore, around Rs 190 crore would be primary infusion and the rest Rs 220 crore is secondary infusion. The promoters’ and founders’ stake in the company would be 45% after this round of funding. The holding of Light House would come down to 7% from 15% after this round while IAN’s stake would go down to 2% from 3.5%.
Dato’ Amirul Feisal Wan Zahir, managing director, Khazanah, said, “We are excited to be on the journey with Wow! Momo in their mission to build the largest QSR brand in India. 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.”
The QSR chain has 650 outlets in 35 cities. It has an expansion plan of over 200 outlets in the coming fiscal year.
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