Tree Line Investment Management led the $17 million round valuing Wow!Momo Foods at INR 1,225 crore
Wow! Momo Foods has raised approximately $17 million in funding led by Tree Line Investment Management at a valuation of Rs 1,225 crore. Wow!Momo and Wow!China are the company's quick-service brands.
Tree Line is a Hong Kong and Singapore-based investment fund that has invested in publicly traded Jubilant FoodWorks and Westlife Development, whose subsidiary Hardcastle Restaurants Pvt Ltd is the master franchisee for the McDonald's franchise in the South and West.
“The reason we have them on board is they are very strong in the public markets space,” cofounder Sagar Daryani told. The company will consider an Initial Public Offering in the next few years, he added.
“We wanted someone with the knowledge in this space. They are unique value creators,” Daryani said.
The round was also attended by IAN (Indian Angel Network) Fund and existing investor Lighthouse Funds.
The new funds will allow the company to expand its newly launched Fast Moving Consumer Goods business, expand its quick-service restaurant and cloud kitchen brands, and launch two new brands.
Daryani stated that the company plans to open close to 150 stores in the next year in order to double its growth.
The company is profitable and generates between Rs 20 and Rs 22 crore in revenue per month. It intends to increase that to Rs 45 crore per month by August of next year.
“When we started off with Wow! Momo & later Wow! China, we were confident about the potential that the market holds. We had a clear roadmap on first strengthening our restaurant business, followed by a foray into FMCG space,” Daryani, who is also its CEO, said.
Tree Line is a Hong Kong and Singapore-based investment fund that has invested in publicly traded Jubilant FoodWorks and Westlife Development, whose subsidiary Hardcastle Restaurants Pvt Ltd is the master franchisee for the McDonald's franchise in the South and West.
“The reason we have them on board is they are very strong in the public markets space,” cofounder Sagar Daryani told. The company will consider an Initial Public Offering in the next few years, he added.
“We wanted someone with the knowledge in this space. They are unique value creators,” Daryani said.
The round was also attended by IAN (Indian Angel Network) Fund and existing investor Lighthouse Funds.
The new funds will allow the company to expand its newly launched Fast Moving Consumer Goods business, expand its quick-service restaurant and cloud kitchen brands, and launch two new brands.
Daryani stated that the company plans to open close to 150 stores in the next year in order to double its growth.
The company is profitable and generates between Rs 20 and Rs 22 crore in revenue per month. It intends to increase that to Rs 45 crore per month by August of next year.
“When we started off with Wow! Momo & later Wow! China, we were confident about the potential that the market holds. We had a clear roadmap on first strengthening our restaurant business, followed by a foray into FMCG space,” Daryani, who is also its CEO, said.
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