Quick service restaurant (QSR) chain Wow! Momo has advanced $15 million led by Tree Line Investment Management in funding at a valuation of $175 million. The funding round also saw participation from Indian Angel Network and Lighthouse Funds, the company’s existing investors.

The funds will be utilised to expand the newly begun fast-moving consumer goods (FMCG) business and extend its quick-service restaurant and cloud kitchen brands. “They are solid in public markets, so they understand the space. We are thinking to launch an IPO in the next two or three years,” Sagar Daryani, Chief Executive Officer and Co-founder of Wow! Momos said.

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Launched in August 2008, the QSR chain has 350 stores of Wow! Momo and over 50 outlets of Wow! China. The company is trying to set up above 150 stores and 50 cloud kitchens in 2022. The Series C takes Wow! Momo Foods’s valuation to $175 million from its last valuation of $120 million.