Quick service restaurant chain Wow Momo today said Fabindia Managing Director William Bissell has invested a minority stake in the company, which is now valued at over Rs 300 crore.
Quick service restaurant chain Wow Momo today said Fabindia Managing Director William Bissell has invested a minority stake in the company, which is now valued at over Rs 300 crore.
The Kolkata-based restaurant chain did not disclose the quantum of stake picked up by Bissell.
The current investment has estimated the company to be valued at over Rs 300 crore, a statement by Wow Momo, founded in 2008, said.
"... William Bissell has also turned into an angel and strategic investor over the years and has made several investments in his personal capacity, Wow Momo being the latest one," the statement said.
Last year Wow! Momo was eyeing Rs 500 crore turnover in five years as it sets to expand aggressively across the country.
The company, which opened its first store in Kolkata eight years ago, at present operates over 100 outlets in India and plans to add another 60 by the end of this calender year.
"We are treating Rs 500 crore turnover target in 5 years with a notwork of 500 outlets that we plan to open by then. Our mission in the long-term is to be Indias version of a McDonalds and become a global brand," Wow! Momo Co-Founder Sagar Daryani told PTI.
Wow! Momo is also in the process of raising fresh funds to the tune Rs 50 crore, which will fuel its expansion drive.
"We will close fund raising by middle of this year and we plan to use this entire sum to expand our business," Daryani said.
The company plans to expand rapidly in Kolkata, Delhi NCR and Bengaluru during this year with a small expansion in planned in Chennai as well.
It is also looking at entering new markets such as Hyderabad and Mumbai in the next fiscal.
The company is considering export of packaged frozen momos abroad along with specially prepared momo sauces to make them available across shelves in modern trade.
The company had raised Rs 10 crore in its first round of funding from Indian Angel Network (IAN) in 2015 from investors like Sanjeev Bhikchandani, founder of Naukri.com (Info Edge), Saurabh Srivastava, co-founder at IAN and Ashvin Chadha, a serial entrepreneur, angel investor and Venture Capitalist.
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 "Wow! Momo is also in the process of raising fresh funds to the tune Rs 50 crore, which will fuel its expansion drive.")
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