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Quick-service restaurants (QSR) chain Wow! Momo raised INR 125 crore in its Series D from OAKS Asset Management at a valuation of INR 2,125 Crore.
Wow! Momo, which operates three brands – Wow, Momo! China and Wow! Chicken will use the new funds to build strong back-end capabilities in preparation for entering India’s Tier-1 and Tier-2 markets. The Wow! Momo story is expected to be power-packed in the next 24 months, according to the QSR brand, with an expansion plan to open over 250 new outlets this fiscal year, supported by a network of over 50 Wow! Chicken stores and some strong brands for acquisition. According to Statista, the QSR market in India is expected to exceed INR 500 billion by 2025, up from INR 188 billion in FY 2020.
