Quick Service Restaurant (QSR) chain ‘Wow! Momo Foods has raised capital over $15 million, i.e. Rs 125 crore, from OAKS Asset Management. The firm has decided to increase further capital by Rs 100 crore within the second tranche of its Series D spherical.

Wow! Momo Foods operates three manufacturers that include, Wow! Momo, Wow! China and Wow! Chicken has over 480 retailers in 21 cities. Sagar Daryani, the firm’s CEO and Co-Founder specified that the recent funds would allow the corporate robust back-end capabilities to enter Tier-1 and Tier-2 markets. It aims to boost the QSR enterprise to over 100 cities and reinforce its FMCG enterprise development.

The QSR chain launched in August 2008 with a monthly income run-rate of Rs 40 crore plus. It targets to finish the current monetary 12 months with sales of over Rs 450 core compared with Rs 220 crore recorded within the final fiscal 12 months. Daryani informs that the corporate had cautious addition of over 250 retailers this fiscal 12 months having 50 Wow! Chicken shops.

Vishal Ootam, the Founder and CEO of OAKS Asset Management, stated, “With a track record of collaborating with the best entrepreneurs in the Indian Food and Business space, we are enthusiastic to see the performance by the Wow Momo team. We expect Wow! Momo to acquire domestic market share in India and be the first global-sized Quick Service Restaurant Company representing India.”

Earlier this year, Wow! Momo sprung its third QSR model. Besides, Wow! In the coming two years, Chicken plans to initiate this model to reach the most important metros, Tier-2 and Tier 3 cities. Additionally, it launched a ready-to-eat momos plan, which may be obtainable through all main grocery chains and E-com platforms within the coming quarter.