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Wow! Momo to raise Rs 60cr from Anicut capital



Kolkata: Wow! Momo Foods — which owns and operates two quick-service restaurant (QSR) brands — Wow! Momo and Wow! China — is raising Rs 60crore debt funding from Anicut capital as it sees a bounce-back from the Covid-19-induced slowdown.

Sagar Daryani, co-founder of one of the largest QSR chains in India, said Wow! Momo continued to expand while a number of restaurant chains in the country have filed for bankruptcy due to the ongoing pandemic.

Wow! Momo currently has a total of 357+ stores across Delhi, Mumbai, Bengaluru, Pune and Kolkata. Out of this, over 290 outlets are currently operational and over 60 of them are still shut.

Daryani pointed out that from plummeting to 10% of monthly business in April 2020 as compared to February 2020 to 65% of topline in September, the company is growing stronger with delivery operations getting back to have 180% business if compared to the pre-covid times. “Wow! Momo recorded a whopping three lakh online orders last month. The company expects to get back to 75% to 80% of pre-Covid numbers in October with an aim to touch 4 lakh online orders,” he added.

Talking about the announcement, Daryani said, “Ours has been a story of agility and adaptability. These crucial times may have brought our business down initially but we always found new ways and undertook initiatives which helped us stay afloat. We have been more robust than ever with a change in business models, newer collaboration with Café Coffee Day (CCD) to open shop-in-shop formats. Setting up new business verticals and a total of 31 new point of sales openings in the past six months. We have also taken a conscious call to shut down over 30 non-performing outlets nationally and the complete focus is to get back to profitability at the earliest as was the scenario in pre-Covid times.”

Wow! Momo has been backed by The Indian Angel Network (IAN) and Light House Funds in the past. Last year, the company was valued at over Rs 860 crore by US-based Tiger Global with an infusion of Rs 120 crore directly into the business.

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