Wow! Momo raises Rs 70 cr from Z3Partners

New Delhi: Quick-service restaurant chain Wow! Momo on Wednesday said it has raised Rs 70 crore from Z3Partners in its latest funding round.

The chain, which runs three brands Wow! Momo, Wow! China, and Wow! Chicken, said the primary proceeds will be used to fuel growth and expansion besides strengthening distribution foothold and research and development (R&D) for its FMCG arm.

Wow! Momo CEO Sagar Daryani said, "We have been consistent and resilient and sharp-focused on sustainable growth and the belief this round of investors have shown on us fortifies our faith and further motivates us to be change makers." The company said the latest round of funding builds upon the momentum generated by previous funding of Rs 350 crore from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.

"Wow! Momo is in true sense, a reflection of the vibrant entrepreneurial landscape in the country," Z3Partners Managing Partner Rishi Maheshwari said, adding that the QRS chain has singularly focused on building a high-quality food business at scale, fuelled by superior execution expertise.

He further said, "This perfectly aligns with our investment thesis of backing scalable businesses with large addressable markets that leverage technology to drive efficiencies across the value chain."