Indian Angel Network (IAN) has invested an undisclosed amount in Wow! Momo, a Kolkata-headquartered chain of quick service restaurants, as per a press statement. While the company did not disclose the funding amount, separate media reports said it has raised Rs 10 crore ($1.6 million).
Wow! Momo said the deal valued it at $16 million (Rs 100 crore).
The company, which has 50 outlets across Kolkata, Bangalore, Pune, Chennai and Kochi, will now be catering to the Delhiites. It’s running a sole outlet in Hauz Khas Village in south Delhi.
The company will use the money to expand to new cities and consolidating the business in the existing ones. It is planning to open 60 more outlets in two years.
“Wow! Momo is the true reflection of the Indian mindset of standardising products and innovation in the F&B space,” said Sanjeev Bikhchandani, an IAN investor who led the deal along with Ashvin Chadha and Saurabh Srivastava. Others who have backed the firm include Ajai Chowdhry, Kris Gopalakrishnan, Raman Roy and Anand Ladsariya.
“We expect Wow! Momo to soon be a household name in Delhi/NCR with its current plan of expanding to over 30 outlets here over 24 months in high street locations, outlets in malls in areas such as Lajpat Nagar, Satya Niketan, Prashant Vihar, Kirti Nagar, Dwarka and Noida,” said Srivastava.
Launched in 2008 by Sagar Daryani and Binod Homagai, the company’s business model includes both take-away as well as dine-in outlets across food courts in malls or tech parks, kiosks and high-street outlets.
“The investment has been raised from IAN for expanding our business across cities and improving our product range and services while enhancing customer experience,” said Daryani, a commerce graduate from St. Xaviers College.