Kolkata-based QSR chain WOW! Momo has raised over 10 crore in a first round of funding from founder and Vice Chairman of Naukri.com, Sanjeev Bikhchandani. The company will use the funds to expand its presence across India. This is the company’s first round of funding.
“Until recently, the company was completely bootstrapped by the founders. The amount raised will be used to fuel our expansion plans. We aims to take wow! Momos across India with our plans to open 60 stores in two years’ ime,” Sagar Daryani, CEO of WOW! Momo, told Indiaretailing.
“Out of these 60 stores, at least 30 outlets will be opened in New Delhi,” Daryani informed.
The six year old chain has 48 stores in five cities, albeit all in east India. The brand claims to be a country’s largest momo chain in terms of volumes and turnover.
“We started with an initial investment of only Rs 30,000 and are currently clocking a turnover of approx Rs 2 crores per month. Our constant innovation has helped us so far to become country’s largest momo chain,” Daryani said.
Wow! Momo reported a turnover of Rs 11 crores in the last fiscal and expects a turnover of over Rs 20 crores in the current financial year.
The company said it has a long-term goal of doing an IPO by around six to seven years from now and a 1,000 Wow! Momo stores across India in the near future is a definite possibility
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