Khazanah Nasional Berhad invests over INR 350 crores in Wow! Momo

The company operating Wow! Momo, Wow! China, and Wow! Chicken, successfully raised over INR 350 crores in funding from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia.

Wow! Momo Foods, the operator of Wow! Momo, Wow! China and Wow! Chicken has raised over INR 350 crores from Khazanah Nasional Berhad (Khazanah), the sovereign wealth fund of Malaysia. The investment will be made through both primary infusion and secondary purchase from early-stage investors, the Indian Angel Network (IAN) and Lighthouse Funds. 

In addition, the company’s existing investor, OAKS Asset Management, has also infused INR 60 crores of additional funding into Wow! Momo Foods. The primary fund will fuel the growth and expansion of the quick service restaurant (QSR) brand and help to strengthen the distribution foothold and research and development (R&D) for the FMCG arm. The entire round is a testimony to the brand’s vision, scalability, and rigour on profitability. 

Commenting on the announcement, Sagar Daryani, CEO and Co-Founder of Wow! Momo Foods said, “With Khazanah’s investment into the business and their long-term approach, we will strive to become the powerhouse of innovation and transformation in the food space while keeping a strong balance between sustainability, growth and backing breakthroughs”.  

Dato’ Amirul Feisal Wan Zahir, Managing Director, Khazanah, said, “We are excited to be on the journey with Wow! Momo in their mission to build the largest QSR brand in India."

Vishal Ootam, Founder and CEO of OAKS Asset Management, said, “We feel that Wow! Momo will not only gain dominance in the domestic market but also be the first globalized QSR company from India. We are ready to scale with the brand.”