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

• Wow! Momo has raised $23 million from Tiger Global.
• The round will also see the startup’s early investor Indian Angel Network exit with a 7X return.
• Wow! Momo has 282 outlets and 11 stores of Wow! China.

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 & 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.