QSR chain Wow! Momo Foods has raised $15 million in a Series C funding round led by Tree Line Investment Management, per an announcement.
The financing also saw participation of IAN Fund (Indian Angel Network), as well as existing investor Lighthouse Funds.
The latest funding has valued the startup at over Rs 1,225 crore. It was valued at Rs 860 crore in September 2019 when it raised money from Tiger Global.
The fresh funds will enable the brand to amplify efforts on its newly launched FMCG business, fuel the expansion of its QSR & cloud kitchen brands and new verticals, the company said in a statement.
Launched in August 2008, the QSR chain is currently present across over 350 outlets of Wow! Momo and 50 outlets of Wow! China. In the next year, the company is planning to set up over 150 stores and 50 cloud kitchens as well as grow 2x plus on monthly run rate by next August.
INDIA DEAL MONITOR
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