The ethnic wear brand FabIndia’s managing director William Bissell has supposedly invested an amount of around Rs 3-4 crore in an offline fast food restaurant popularly known as Wow! Momo.
Not only the technology-based and digital startups are bagging funds from investors, but also the offline businesses are no less. The Kolkata-based momo chain has its restaurants across the country and has recently been successful in grabbing funds from William Bissell who is the managing director of FabIndia.
Wow! Momo is a fast food chain of restaurants with its headquarters in Kolkata. The firm basically specializes in momos and has a huge variety for the same. The branded momos chain has plans to build 300 outlets by the end of 2019. Wow! Momo Foods Pvt. Ltd. owns and operates take-away as well as dine-in restaurant outlets. The chain has its presence in seven cities including Delhi, Bengaluru, Chennai, Kochi, Noida, Pune and Lucknow. The recent investment has helped the company in raising its valuation to Rs 300 crore.
“Sagar and his colleagues at Wow! Momo have in a very short time created an exciting, well priced, profitable new concept in fast food. Their entrepreneurship, innovation and hard work have built Wow! Momo into a brand that the new India loves,” said William Bissell.
On the other hand, Fabindia is an Indian chain store retailing garments, furnishings, fabrics and ethnic products handmade by craftspeople across rural India. It is the largest ethnic wear and accessories brand in India that uses traditional techniques, skills and hand-based processes for the production. The company was founded in 1960 by John Bissell. The basic aim of the founder was the bring the diverse craft tradition of India into the markets. Lately, the brand has invested in a restaurant chain as stated above.
However, the exact amount of the investment is still not known. Sagar Daryani, Chief executive of Wow! Momo has refused to share the details regarding the finances and investment. The food chain has earlier raised funds from various popular companies as well including Info Edge Founder Sanjeev Bikhchandani, former Infosys CEO Kris Gopalakrishnan, Hero Enterprise Chairman Sunil Kant Munjal and Raman Roy.
“William will play a significant role in advising us on our growth strategy, given our plans to expand our footprints. His expertise and track record in building and then scaling up Fabindia has been phenomenal, and his understanding of the Indian consumer mindset is second to none,” said Sagar Daryani, chief executive of Wow! Momo.
The fast-food chain through these investments has crucial plans to grow and expand all over the country. They have already set a challenging target of opening 100 new outlets of Wow! Momos and enter many other new markets to create their demand.