Wow! Momo Raises Rs 125 Crore From Oaks Asset Management

Updated on: 9 September 2022 9:04 pm

The Confederation of Real Estate Developers Associations of India (CREDAI) has more than 13,000 developers as members, while Venture Catalysts is an integrated incubator and accelerator for startups

CREDAI, Venture Catalysts Set Up $100 Million Proptech Fund To Support Start-Ups In Real Estate Photo: The Confederation of Real Estate Developers' Associations of India (CREDAI) has more than 13,000 developers as members, while Venture Catalysts is an integrated incubator and accelerator for startups

Quick service restaurant chain Wow! Momo Foods on Thursday said it has raised Rs 125 crore from OAKS Asset Management.

The firm, which operates three brands -- Wow! Momo, Wow! China and Wow! Chicken said the funding is "part of a two tranche-raise with the second one being planned with another VC Fund".

The fundraise from OAKS Asset Management has been done at a valuation of Rs 2,125 crore and the company plans to raise another Rs 100 crore in the next quarter, Wow! Momo Foods said in a statement.

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The fresh funds will be utilized to build back-end capabilities to enter tier I and tier II markets in India. The quick service restaurant (QSR) chain said it plans to add over 250 outlets this fiscal year. It is present in 21 cities with over 480 outlets.

The aim is to enter over 100 cities. The funds will also be utilized to fortify the FMCG growth, the company added.