Quick service restaurant chain Wow! Momo has raised $15 million led by Tree Line Investment Management in a Series C round of funding at a valuation of $175 million.
The round also saw participation from Indian Angel Network and Lighthouse Funds, existing investors of the company.
The fresh funds will be used to expand the newly launched fast-moving consumer goods business, besides the expansion of its quick-service restaurant and cloud kitchen brands.
"They are very strong in public markets so they understand the space. We looking for an IPO in the next two-three years," Sagar Daryani, chief executive officer and co-founder of Wow Momos told Moneycontrol in an interaction adding that the round was closed in 15 days.
Launched in August 2008, the QSR chain currently has 350 outlets of Wow! Momo and over 50 outlets of Wow! China. The company is planning to set up over 150 stores and 50 cloud kitchens next year.
The Series C takes Wow! Momo Foods's valuation $175 million from its last valuation of $120 million in September 2019 when it raised money from Tiger Global.
The company announced its foray in the FMCG segment in July.
“Wow Momos has demonstrated a keen focus on delighting Indian consumers with both taste and value. As India is rapidly emerging from covid, we are enthusiastic about their growth plans both in the QSR and ready to eat category," said Zaheer Sitabkhan, Founder of Tree Line Investment Management.
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