The Malaysian sovereign wealth fund, Khazanah Nasional Berhad, invested INR 350 crore in Wow! Momo Foods.
Indian Angel Network and Lighthouse Funds, two early-stage backers, will invest both directly and indirectly. In this round, Oaks Asset Management, a former investor, contributed an additional Rs 60 crore, as reported by The Economic Times.
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The principal fund will support the FMCG arm’s development and research efforts, distribution strengthening, and brand development and growth.
Three subbrands are used by the company: Wow! Momo, Wow! China and Wow! Chicken. When it comes to volumes and turnovers, Wow! Momo is the biggest Momos chain in the nation.
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Wow! Momo won the ‘Best SME of the year Award & and also the Best Food & Agri Products’ in the ET Now Leaders of Tomorrow Regional awards 2013. Wow! Momo also bagged the Best Food Service Brand – East India in the Images East India Retail Summit Awards in 2014.
About Wow! Momo
Wow! Momo was founded in August 2008 by two young Kolkata entrepreneurs, Sagar Daryani and Binod Homagai. Wow! Momo is the largest momo chain in the country in terms of volume, turnovers, and innovations, with 630 locations operating in over 35 cities.
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