Kolkata-headquartered quick service restaurant chain Wow! Momo is set to expand its operations by launching a new brand, Wow! China. The chain, which operates 240 outlets across the country, now plans to enter Mumbai, Chennai and Bengaluru by the end of this financial year.
The company is also building a facility in Kolkata with restaurant capabilities to enter the packaged foods market.
Along with 40 Wow! China outlets, the company plans to launch in Bengaluru through cloud kitchens.
Sagar Daryani, the CEO of Wow! Momo told ET that Wow! China will have a higher margin because of the ticket sizes.
With more than 240 outlets across the country, the chain closed 2018-19 with revenue of Rs 120 crore and EBITDA margin of 10%. For the previous year, it had reported revenue of Rs 75 crore and EBITDA margin of 9%.
Founded in 2008 by Daryani and Binod Homagai, Wow! Momo was valued at Rs 300 crore in early 2018, and it counts Info Edge founder Sanjeev Bikhchandani, former Infosys CEO Kris Gopalakrishnan, Hero Enterprise chairman Sunil Kant Munjal and Raman Roy among its investors.
The company raised Rs 44 crore in a Series B round and is now looking to pick up fresh capital by the end of this year.
