Mumbai: Wow! Momo has appointed Avendus to elevate $80-100 million in a mixture of major and secondary shares with investor Lighthouse Funds completely exiting its stake within the fast service restaurant chain, two folks acquainted with the matter advised Mint.
“Lighthouse has been invested for a very long time and can completely exit their stake with this spherical,” one of many folks mentioned, including that Avendus is operating the mandate and can assist the corporate elevate cash from new and present buyers later this 12 months.
Avendus, Wow! Momo and Lighthouse Funds didn’t instantly reply to Mint’s request for a remark.
Lighthouse’s exit will come practically eight years after the agency made its preliminary funding in Wow! Momo’s sequence B spherical, during which the corporate raised ₹44 crore alongside Indian Angel Community in June 2017. On the time, the corporate was valued at ₹230 crore.
The corporate can also be within the midst of elevating a ₹130-150 crore bridge spherical led by Kamal Agrawal, a part of the promoter household behind India’s main snacking model Haldiram, and Malaysian sovereign wealth fund Khazanah Nasional Berhad, in accordance to a report by The Financial Instances earlier right this moment.
The corporate can also be in discussions with HNIs (excessive web value people) and different present buyers for this spherical, the second particular person cited above mentioned.
Over time, Lighthouse has partially exited its stake within the firm, which is at present valued at over ₹2,400 crore as per information offered by market intelligence supplier Tracxn. Final 12 months, Wow! Momo raised ₹70 crore in its prolonged sequence D funding spherical led by Z3 Companions after it secured ₹410 crore from Malaysian sovereign wealth fund Khazanah and Oaks Asset Administration.
Additionally Learn: Domino’s to Wow! Momo roll out in-store gives as deliveries gobble up footfalls
Launched in 2008 by Sagar Daryani and Binod Homagai, the corporate operates over 680 shops of Wow! Momo, Wow! China, Wow! Rooster and the newly launched Wow! Kulfi unfold throughout 60 cities.
Earlier this 12 months, Daryani highlighted that the corporate’s newer verticals, like Kulfi and the FMCG enterprise, are anticipated to be an enormous contributor to its general enterprise. The corporate goals to enter greater than 100 cities by way of over 1500 shops over the subsequent 4 years.
In FY24, its income from operations grew to ₹470 crore from ₹413 crore a 12 months earlier. The corporate’s losses stood at ₹114 crore, a marginal improve from FY23.
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