Bengaluru: The venture capitalists continue to shower the Indian startups in food technology space with funds and recently joining the bandwagon, Indian Angel Network (IAN) has invested Rs.10 crore in Kolkata-based fast food chain Wow Momo, valuing the company at around Rs.100 crore. The investors who contributed to the round included Sanjeev Bhikchandani, Saurabh Srivastava, Ashvin Chadha, Ajai Chowdhry, Kris Gopalakrishnan, Raman Roy and Anand Ladsariya. The Sagar Daryani and Binod Homagai founded company plans to use the freshly raised capital to expand its footprints to new cities and open 60 more outlets in the next two years.
Established in 2008, Wow Momo (owned and operated by Wow Momo Foods Pvt. Ltd.) is a fast food chain that operates through restaurants, take away outlets and kiosks in malls and streets. The main items offered on their menu are thukpa, meals and momos and also offers 11 different varieties of momos available in steamed, fried, pan-fried, sizzler and baked variants.
Currently, the seven year old startup has over 50 outlets across Kolkata, Bengaluru, Pune, Delhi, Chennai and Kochi. With its success feats, Wow Momo was awarded the “Best Food Service Brand – East India” in the Images East India Retail Summit Awards in 2014 and “Best SME of the Year” and “Best Food & Agri Products” in the ET Now Leaders of Tomorrow Regional Awards 2013.