Sagar Daryani and his classmate Binod Homagai started a company with an initial investment of just Rs 30,000 and now the startup has raised Rs 410 crore in its latest round of funding. The company we are talking about is Wow! Momo that was founded with 1 table, and 2 part-time cooks. Wow! Momo has secured Rs 410 crore (approximately $49 million) in its Series D funding round. The financing was led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, along with participation from OAKS Asset Management.
Khazanah spearheaded the funding round, contributing Rs 350 crore, while existing investor OAKS chipped in the remaining Rs 60 crore, as per the company's statement. Khazanah, known for its investments in companies such as Xpressbees, Flipkart, and TransUnion CIBIL in India, aims to foster Wow! Momo's growth through enhanced scalability, technological reinforcement, and the development of a robust back-end infrastructure to facilitate sustained expansion, according to Dato’ Amirul Feisal Wan Zahir, Managing Director at Khazanah.
Wow! Momo outlined ambitious plans to enter over 100 cities and expand its current network of 630 outlets in 25 cities to more than 1,500 stores over the next three years. The funding round is expected to position the company as a formidable player in the food industry, emphasizing a balance between sustainability and innovation.
