Wow! Momo, a popular chain of momo restaurants in India, has raised Rs 350 crore ($49 million) in its latest funding round. The funding was led by Tiger Global Management, a New York-based investment firm. Other investors, including Sequoia Capital India and Matrix Partners India, also participated in the funding round. Wow! Momo plans to use the funds to fuel its expansion across India and further enhance its technology and infrastructure.

Wow! Momo was founded in 2008 and has quickly become one of India’s favorite fast-food chains. It offers a wide variety of momos, ranging from classic steamed momos to innovative varieties like cheese and chocolate momos. The chain currently operates more than 300 outlets in 16 cities across India.

The investment from Tiger Global Management will help Wow! Momo accelerate its growth and strengthen its position in the market. The company plans to open more outlets in existing cities and expand into new cities. It will also invest in technology to improve customer experience and optimize operations.

Wow! Momo has witnessed strong growth in recent years, driven by the increasing demand for quick and affordable food options. The chain has capitalized on the popularity of momos in India and has successfully positioned itself as a go-to brand for momo lovers. Its unique menu, consistent quality, and affordable prices have resonated well with customers.

With the latest funding, Wow! Momo aims to continue its expansion at a rapid pace. The company plans to open around 100 new outlets by the end of the year, with a focus on tier 2 and tier 3 cities. It will also invest in infrastructure to streamline its supply chain and enhance operational efficiency.

The success of Wow! Momo highlights the potential of the QSR (quick-service restaurant) sector in India. The demand for fast and convenient food options is rapidly growing, driven by changing consumer preferences and a fast-paced lifestyle. Wow! Momo has managed to tap into this demand and build a strong brand presence.

The funding round led by Tiger Global Management is a testament to the confidence of investors in Wow! Momo’s growth prospects. The company has demonstrated a successful business model and a track record of consistent growth. With the new capital infusion, Wow! Momo is well-positioned to further expand its footprint and consolidate its position as a market leader in the momo segment.