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Wow! Momo reaches 100 cr valuation with Indian Angel Network deal


Its 10% at a valuation of INR 100 crore for a QSR specializing in the unique Tibetian-Nepalese cuisine.

Indian Angel Network has picked up 10% stake in this Tibetian-Nepalese food chain for INR 10 crore. The fund, one of the largest angel networks in India, is led by Sanjeev Bhikchandani, founder of Naukri.com,

Starting in 2008 with only INR 30,000, Wow! Momo has commanded a valuation of INR 100 crore with this deal. It had a turnover of INR 20 crore in 2014-15 and is eyeing INR 37 crore in the current fiscal.

Venture capital experts pointed out that this is one of the biggest valuations received by any QSR chains in India since angel funding became popular in the country. Sagar Daryani, co-founder of Wow! Momo, said this is one of the most successful first rounds of funding of any startups. “We are planning a second round of funding after 18-24 months,” he added.

The menu caters to 11 different flavours of moms – steamed, fried & pan-fried formats largely in white & brown flour variants, sizzler momos, Mogurg (Momo burgers), momo chats and even a chocolate momo. This format operates out of kiosks, food court outlets, shop-in-shop models and high-street QSR. “We first started at Spencers at South city and expanded rapidly after that. Now we have 51 outlets in six cities with headquarters in Kolkata,” he added.

“This is the true reflection of the Indian mindset of standardizing products and innovation in the F&B space. While you have access to multiple momo stalls across your locality, Wow! Momo as a brand promises great and consistent quality,” said Bhikchandani, for whom this is a first investment in a food chain.

Bhikchandani also indicated that he may evaluate the opportunity of funding during the second round too.

Source: Times of India

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