Tiger Global Management, also known as “The Tiger Fund”, an American hedge fund has invested a sum of INR 130cr in a quick-service restaurant (QSR) chain Wow! Momo. This is the first time the company has invested in a consumer product in India.

Wow! Momo will have a valuation worth INR 860cr after this investment. In June last year, a sum of INR 3cr was invested by Fabindia MD William Bisell. “The entire transaction closed within 10 days.

Tiger Global moved really fast,” Sagar Daryani, CEO of Wow! Momo told ET. “There was already a fair amount of interest form other investors, but we were on the lookout for a partner who will stick around till an IPO, provide a lot of value addition. And Tiger’s global know-how and global connections can act as huge levers for us,” he further added.

This marks the latest array of investment by Tiger Global in 2019 in which it invested between $300 million and $400 million in India, financing a range of diverse ventures most of which has been in the fintech, SaaS and consumer internet segments.

Tiger Global returned to investing in India after nearly two years, which has played a crucial role in shaping Indian start-ups.

Wow! Momo will utilize the funds to expand its chain of stores, branding, building cloud kitchens, and likely for launching a third brand.
Apart from this first influx of capital, the QSR is also expected to undertake a second wave of a transaction, which will ensure the partial exit of Indian Angel Network (IAN), India’s largest and oldest angel network and also backed the company in its initial stages.