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New Delhi, Quick service restaurant (<keyword id="19907686" type="General" weightage="20" keywordseo="qsr" source="keywords">QSR</keyword>) chain, Wow! Momo, said on Tuesday that it has raised Rs 410 crore (around $49 million) in its Series D round led by <keyword id="20202119" type="General" weightage="20" keywordseo="khazanah" source="keywords">Khazanah</keyword> Nasional Berhad, the sovereign wealth fund of Malaysia, and <keyword id="20210924" type="General" weightage="20" keywordseo="oaks" source="keywords">OAKS</keyword> Asset Management. Khazanah led the round by investing Rs 350 crore, while existing investor OAKS invested the remaining Rs 60 crore, according to the company. Wow! Momo said that the funding will be used to grow and expand the QSR brand. It will also invest in distribution, research and development (R&amp;D). "There is no greater joy for a founder than giving its initial investors (Indian Angel Network and Lighthouse Funds) great partial exits. For us, the Bharat Story has just begun with a huge headway of growth," said <keyword id="20205381" type="General" weightage="20" keywordseo="sagar-daryani" source="keywords">Sagar Daryani</keyword>, CEO and Co-founder of Wow! Momo Foods. "With Khazanah's investment into the business and their long-term approach, we will strive to become the powerhouse of innovation and transformation in the food space while keeping a strong balance between sustainability, growth and backing breakthroughs," he added. Khazanah has backed companies like <keyword id="20006421" type="General" weightage="20" keywordseo="xpressbees" source="keywords">Xpressbees</keyword>, Flipkart, TransUnion CIBIL and others in India. Moreover, the company said that it aims to enter more than 100 cities and increase its footprint to over 1,500 stores in the next three years. At present, the company has 630 outlets across 25 cities. "We aim to encourage the growth of Wow! Momo through enhanced scalability, technological fortification, and focusing on building a strong back-end capability to support its growth," said Dato' Amirul Feisal Wan Zahir, Managing Director, Khazanah.

Wow! Momo raises Rs 410 cr in latest round led by Khazanah, OAKS

<ul><li>Wow! Momo has raised $23 million from <keyword id="526777" type="COMPANY" weightage="20" keywordseo="Tiger-Global">Tiger Global</keyword>. </li><li>The round will also see the startup’s early investor Indian Angel Network exit with a 7X return. </li><li>Wow! Momo has 282 outlets and 11 stores of Wow! China.</li></ul>One of India’s fastest growing QSR chains Wow! Momo has raised $23 million global investment firm Tiger Global. With the latest funding, startup’s valuation jumped almost by three times, from ₹300 crore to ₹860 crore in just a year. Having started with an investment of just ₹30,000 from Kolkata, Wow! Momo grew to 282 outlets of Wow! Momo and 11 of Wow! China. It now aims to set up 120 more stores in the current financial year. Wow! Momo’s growth interestingly coincides with an economic slowdown, which has hit auto, FMCG and textile sectors In the latest funding round, Indian Angel Network exited the company by making as much as $3 million, with a solid return of 70%. “We will smartly use the capital infused to further scale our operations backed with disruptive research and development to reach out to a larger consumer base within the country,” said Sagar Daryani, CEO &amp; Co-founder of Wow! China/Wow! Momo. The company has monthly revenues to the tune of ₹15 crore. Wow! Momo had expanded to the Chinese QSR market with Wow! China, and faces competition from the likes of Jubilant which had also launched its brand – Hong’s Kitchen.

Wow! Momo valuation jumps from ₹300 crore to ₹860 crores in one year, as it raises funding from Tiger Global

<ul><li>India's new labour codes, which include a revised definition of wages, are supposed to kick in starting April 1.</li><li>The new definition is expected to shrink your cash-in-hand salary at the end of the month but boost long term benefits like gratuity and leave encashment.</li><li>Indian companies are hoping that the implementation of these rules will get delayed as businesses are still reeling from the impact of the COVID-19 pandemic.</li></ul>Indian companies are hoping that the government will delay the rollout of the country’s new labour codes or at least provide some clarity ahead of the April 1 deadline. If that doesn’t happen, it could mean a sharp cut in the cash-in-hand salary that you get to take home once the new financial year kicks off. “Ideal would be if the rules get notified and everybody gets a little bit of a breather. The new legislation applies and only kicks in let us say after x,y, z days. That would be ideal but that's wishful thinking at this point,” said Shambhavi Solanki, vice president of corporate human resources (HR) at Policy Bazaar during The Indus Entrepreneurs (TiE) webinar on March 18. Timing is a concern for most companies. Businesses are still reeling from the impact of COVID-19 and the pandemic is not yet over. “It’s going to be a crazy implementation and I have huge questions. And, I am worried, I am anxious, to be honest,” said Sagar Daryani, the co-founder and chief executive of Wow! Momos. The National Association of Software and Service Companies’ (NASSCOM) Ashish Aggarwal believes that the rules are most likely to kick in May or June, as per his discussions with the government and the industry. “Overall, the labour codes are quite welcome. But, as with any new law, there are these initial stages where there is a lot of uncertainty,” he said. India’s new definition of wages The issue at the heart of the matter is the Indian government’s new definition of wages. It includes all remuneration, whether by way of salaries, allowance or otherwise. Exclusions — like house rent allowance (HRA), provident fund (PF) contribution and others — still exist but can’t be more than 50% of your basic salary. This means that even though companies have not been explicitly asked to redefine their compensation structure for employees, they may not have a choice but to take a second look. According to Vishal Grover, a senior consultant at professional services firm Aon Hewitt, companies in India are currently considering three options: <ul><li>A large part of the salary gets technically defined as basic pay, and the balance moves to exclusions.</li><li>They don’t change anything. They keep the structure as it is. But use the new definition of wages for all social security programmes.</li><li>A sort of a middle ground, where the basic is close to 50% and the balance of 50% is made up of exclusions.</li></ul> <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Inclusions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Specified Exclusions </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basic pay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Statutory bonus </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dearness allowance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Value of house accommodation and utilities (light, water, medical, etc.) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retaining allowance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employer contribution towards provident fund </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Conveyance allowance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sum paid to defray special work expenses </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">House rent allowance (HRA) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Remuneration payable under settlement </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overtime allowance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gratuity </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retrenchment compensation </td></tr></tbody></table> <keyword id="1481502" type="PERSON" weightage="20" keywordseo="take-home-salary">Take home salary</keyword> most likely to take a hit under the new definition of wages Under the cost to company (CTC) model, companies are likely to increase the share of salary that goes towards your PF. And, it will be at the expense of other allowances leading to lower take-home salary. Depending on the ratio between basic pay and gross pay, the reduction in cash-in-hand salary to take home would range from 3% to 8% if PF contributions are increased, according to Grover. This means that even if you get a wage hike in 2021, it's unlikely that there will be any major increase in the amount of money that actually gets deposited into your bank account. The impact on long term benefits uncertain The good news is that long term benefits like gratuity and leave encashment are likely to increase under India’s new definition of wages, especially if it's applied retrospectively. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gratuity </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Old definition of wages </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New definition of wages </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basic to gross ratio </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Basic salary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Past service as on date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 years </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accrued gratuity </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">144.23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">288.46 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage increase in accrued gratuity </td><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr></tbody></table> This means higher liability for companies, but more money on leaving an organisation for employees. However, the government is yet to clarify how the change in definition will be applied to such long term benefits. “A lot of things are ambiguous right now until we actually have the draft rules out.” said Solanki. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-kalyan-jewellers-ipo/articleshow/81626536.cms">Kalyan Jewellers IPO — Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-laxmi-organic-ipo/articleshow/81624672.cms">Laxmi Organic IPO allotment live – how to check allotment, listing date and more</a>

Your take-home salaries could shrink sharply from April with India’s new definition of wages — but companies are hoping for a delay

A Kolkata-based quick service restaurant chain ‘Wow! Momo’ is serving the Tibetan dish which has over years become one of India’s favourite street side snack in the most bizarre ways. A look at its menu flaunting Chocolate <keyword id="76833" type="UNKNOWN" weightage="100" keywordseo="momos">momos</keyword>, Moburg (momo burgers), prawn and fish momos, pizza momos and what not, can have you drooling! 

	The story of this startup reminds us of the famous phrase: every drop of water counts and together these drops can fill a dry pond. Here’s why!
 Based out of a small kiosk in a 30-square feet space in a Kolkata mall, two friends Sagar Daryani and Binod Homagai would sell momos to consumers on their own making Rs 2000 a day. Who would have expected the duo would soon become owners of a fast food restaurant chain that has spread it wings across six cities today (which include Kolkata, Bengaluru, Pune, Chennai, Kochi, and Delhi) and is expanding fiercely. After raising the first round of <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword>, the company is going really fast now with 43 outlets in March to 63 in December. 

	“We started with Rs 30,000 and we bootstrapped for the next 6.5 years to reach a turnover of Rs 20 cores last March without any funding,” Sagar told Business Insider. 
 By the time they approached investors and zeroed in on the first round of funding from <keyword id="328347" type="ORGANIZATION" weightage="100" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> (IAN), the startup was already at a turnover of Rs 20 crore, a run rate of Rs 2 crore a month from its 43 store count. 

	“I met Sanjeev Bikhchandani in Kolkata last year at Tiecon. We got talking and as destiny would have it, it somehow worked for both of us,” recounts Sagar, who was able to raise Rs 10 crore in August last year. The investment is being used to expand aggressively across cities and improving the product range for a better consumer experience. Currently, their product line comprises different variants of momos, thukpa, and meals. They serve 11 different flavors of momos available in steamed, fried, pan-fried, sizzler, and baked variants.

	

	The question is why did they not look for funds in the nascent stage? Because, there was no desperation to get money. “Over the years, we were approached by VCs but we were not keen because we felt that in order to raise money, you need to have the right bandwidth to scale up at very good pace. We wanted to build that and we were very happy to build a brand at our own profits,” says Sagar. “Also, I felt a bias when it came to valuations to tech versus non-tech companies which disappointed me. We were not getting the valuations we were looking for despite running a successful business model, having a great team to drive the business and expanding operations on our own,” he adds.
 

	However, when they did think of approaching investors, Sagar highlights, not every experience was a pleasant one. “A renowned VC asked me once if we would be interested in selling our company in the next three years. We understand that they are here to make money and being a consumer market that we are in, a quick exit would be a big brand coming and taking over. However, we were confident that we can take Wow! Momo as a brand from Rs 1000 to 10,000 crore ourselves,” he says.
 

	The confidence in these folks at Wow! Momo comes from the fact that both Binod and Sagar have learnt it the hard way. They used to serve consumers themselves in the Spencer outlet back in 2008. Seeing that the product was doing well, they shifted to a 90-square feet space in one of Kolkata’s best malls in no time where they started making Rs 7 to 8 lakh monthly which was the turning point for their business. From here on, they were able to afford employees, only to build a great team that they have now. 
 

	Future plans:
 

	After raising Rs 10 crore from Indian Angel Network in August this year, the company is going really fast now. 
 

	“We are looking at 70 -75 stores by March next year and around 105 stores by March 2017 with a turnover of 60 crore per annum. Seeing the KFCs and Dominos in India, our long term goal is to become an Indian brand going abroad,” says Sagar. The company plans to go for second round of funding in December next year and is looking at an IPO in about 5 to 10 years from now.

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Wow! Momo raises Rs 410 cr in latest round led by Khazanah, OAKS

IANS

Wow! Momo valuation jumps from ₹300 crore to ₹860 crores in one year, as it raises funding from Tiger Global

Sanchita Dash

Your take-home salaries could shrink sharply from April with India’s new definition of wages — but companies are hoping for a delay

Prabhjote Gill

One of India's favourite foods is being revolutionised in a unique way!

Anushree Singh

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