Delhi-based food chain Foods—the operator of Wow! Momo, Wow! China, and Wow! Chicken—has raised Rs 70 crore from Z3Partners, an early-growth tech and digital investor, as an extension to its latest round of funding.
The round earlier witnessed participation from Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, and OAKS Asset Management. With Z3Partners joining in, the total fundraise during the round has surpassed Rs 480 crore, comprising Rs 270 crore via primary infusion and Rs 210 crore through the secondary purchase of shares from early-stage investors in the company.
The main proceeds will drive the growth and expansion of the quick-service restaurant brand as well as enhance the distribution network and research and development efforts for the FMCG division.
“Over the years, Sagar and team have singularly focused on building a high-quality food business at scale, fuelled by superior execution expertise. This perfectly aligns with our investment thesis of backing scalable businesses with large addressable markets that leverage technology to drive efficiencies across the value chain,” Rishi Maheshwari, Managing Partner at Z3Partners, said.
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Founded in August 2008, Wow! Momo Foods has over 630 outlets across 38 cities. The firm aims to expand with an additional 200 outlets during the current fiscal year while also driving steady growth in its FMCG business.
The Tiger Global-backed company has raised upwards of $103 million in equity funding to date, according to data from market intelligence firm Tracxn.
The company expects its FY2023-24 revenue to cross Rs 500 crore, and aims to carve a presence in Southeast Asia and the Gulf Cooperation Council.
Edited by Kanishk Singh
