Wow! Momo Foods has raised Rs 60 crore in debt funding from Anicut Capital and will use this fund to repay old loan as well growth capital.
Wow! Momo was founded in 2008 by Sagar Daryani and Binod Homagai. It is a Quick service restaurant (QSR) brand. key investors in Wow! Momo include Tiger Capital and Lighthouse Funds. The QSR brand said its business is back to 65 percent of the pre-COVID level, and expects to touch 75-80 percent in October, given the festive season ahead. The company currently has over 357 stores across the cities of Delhi, Mumbai, Bengaluru, Pune, and Kolkata.
Wow! Momo Foods CEO and Co-founder Sagar Daryani said, “Ours has been a story of agility and adaptability. These crucial times may have brought our business down initially but we always found new ways and undertook initiatives which helped us stay afloat. We have been more robust than ever with a change in business models, newer collaboration with Café Coffee Day to open Shop-In- Shop formats.”
Sagar further added, “Setting up new business verticals and total of 31 new point of sale opening in past six months. We have also taken a conscious call to shut down over 30 non-performing outlets nationally and the complete focus to get back to profitability at the earliest as was the scenario in pre-COVID times”.
Wow! Momo will use this fresh funding to repay the old loan, and also use it for growth as the company’s business has crossed 60 percent of pre-COVID levels.