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Fabindia MD invests Rs 3 crore in Wow! Momo



NEW DELHI: William Bissell, managing director of ethnic products brand Fabindia, has invested an undisclosed sum in Wow! Momo and will join the Kolkata-headquartered quick-service restaurant chain’s advisory board.

While the terms of the transaction were not disclosed, Bissell, who has emerged as an active angel investor in recent years, has pumped in Rs 3-4 crore in Wow! Momo, according to a source briefed on the development. The investment values the restaurant chain at about Rs 300 crore, a substantial uptick from its June 2017 funding round in which the decade-old company was valued at Rs 230 crore.

“William will play a significant role in advising us on our growth strategy, given our plans to expand our footprints. His expertise and track record in building and then scaling up Fabindia has been phenomenal, and his understanding of the Indian consumer mindset is second to none,” Sagar Daryani, chief executive of Wow! Momo, told ET.

Daryani declined to specify the exact amount invested by Bissell in the company. Bissell, an Indo-American, was also earlier reported to have invested in digital publishing startup Juggernaut.

“Sagar and his colleagues at Wow! Momo have in a very short time created an exciting, well priced, profitable new concept in fast food. Their entrepreneurship, innovation and hard work have built Wow! Momo into a brand that the new India loves,” he said in a statement.

The latest set of developments come about 12 months after the company raised Rs 44 crore in a Series-B round from investors led by venture capital firm Lighthouse Funds. That round saw the company’s first backer Indian Angel Network (IAN), the oldest and largest angel investor group in the country, partially exit the restaurant chain in less than two years.

Founded in 2008 by Daryani, Binod Homagai and Miftaur Rahman, Wow! Momo closed fiscal 2018 with revenue of Rs 75 crore, and EBITDA margin of 9%. During financial year 2017-18, the company opened 65 stores, taking its overall count to 168 outlets.The quick service restaurant chain also counts a number of notable angel investors on its cap table, a list that includes, Info Edge Founder Sanjeev Bikhchandani, former Infosys CEO Kris Gopalakrishnan, Hero Enterprise Chairman Sunil Kant Munjal and Raman Roy, among others.

“We plan grow more aggressively this year and have set ourselves a challenging target to open 100 new Wow! Momo stores, and enter a few newer markets as well,” Daryani told ET.

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