Wow! Momo raises Rs 44 crore from Lighthouse Funds, IAN
Fast food chain Wow! Momo today said it has raised Rs 44 crore in series B funding from venture capital firm Lighthouse Funds and angel investor group Indian Angel Network (IAN).
The latest round of funding led by Lighthouse Funds, which invests in mid-market consumer-driven firms, values the company at Rs 230 crore, the Kolkata-based firm said in a statement. Besides, it also provided "a highly profitable" exit to the tune of Rs 10 crore to some of the IAN investors who decided to sell their shares partly/completely to Lighthouse, it added. Commenting on the development, Wow! Momo co-founder and CEO Sagar Daryani said:
"Funds raised in the current round will be used for expansion and building of back-end infrastructure for the brand."
The company said it has a long-term goal of doing...