Wow! Momo raises Rs125 crore in funding

8 Sep 2022 , 12:40 PM

Wow! Momo Foods has raised Rs125 crore in capital from private equity firm Oaks Asset Management, valuing the company at Rs2,125 crore.

The funding is part of a two-tranche fundraising effort, with the second one scheduled with another private equity firm. Momo’s target is Rs100 crore.

Oaks Asset Management is a consumer-focused mid-market private equity fund that collected Rs1,000 crore for its second fund’s initial closure in June. Private equities and sovereign funds have grown increasingly active as late-stage tech investing by venture capitalists such as Tiger Global and SoftBank have slowed.

Daryani and Binod Homagai founded the company in August 2008, and it now has 480 locations in 21 cities.

The new capital will be used to expand the firm’s fast service operation and boost Wow! Momo’s FMCG segment. It will also use the funding to strengthen its back-end skills and expand its footprint to over 100 cities.

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