Indian fast food chain "Wow! Mom" received US$6.1 million in financing, and orders gradually returned to pre-pandemic levels

 According to foreign media Vccircle, the fast food chain "Wow! Mom" ​​has received 450 million rupees (about 6.1 million US dollars) in debt financing, and the investor in this round of financing is Anicut Capital. The company said in a statement that the funds will mainly be used to repay old debts to Avendus Finance.


In 2008, "Wow! Mom" ​​headquartered in Kolkata was founded by Binod Kumar Homagai, CEO Sagar Daryani and Shah Miftaur Rahman. The company is a fast food chain that has already cooperated with the Indian Trade Center (ITC), Nestlé and Procter & Gamble, and has established contacts with Haldiram. Haldiram will manage the company's delivery services in eastern India. In addition, the basic product delivery work of "Wow! Mom" ​​will be completed by the Swiggy platform.


The company will also develop a web application to enable customers to enjoy takeaway services more conveniently. Most importantly, "Wow! Mom" ​​is building an internal technical model at all levels from food production to delivery. Its purpose is to minimize human intervention and better improve the quality, speed and scale of services. By integrating machine technology, the company aims to ensure that food hygiene is not compromised.


Currently, "Wow! Mom" ​​has more than 300 stores in Delhi, Mumbai, Bangalore, Pune and Kolkata. But 290 stores are now open, because in more than six months, the company had to close nearly 30 stores due to the COVID-19 pandemic.


It is understood that in the last month, "Wow! Mom" ​​has generated nearly 300,000 online orders. It expects to restore the order volume to 75% to 80% of the order volume before the COVID-19 pandemic in October, hoping to reach 400,000 online orders.


Sagar Daryani said that "Wow! Mom" ​​aims to improve its own business capabilities. The company's business model has changed. It has launched a new cooperation with Café Coffee Day to open a store-in-store format and establish a new business vertical market. In the past 6 months, the company opened a total of 31 new sales points.







In recent months, in addition to "Wow! Mom", the fast food restaurant industry has other financial transactions. In September of this year, the Burger chain Burgerama received a round of financing led by early-stage venture capital fund Madison Capital.


At the beginning of the same month, Burger King India postponed its initial public offering plan due to the pandemic, thereby obtaining new private equity capital. In December 2019, Gulgram-based Burger Singh received undisclosed funding, led by Singapore-based early investment company RB Investments.


Sagar Daryani said that "Wow! Mom" ​​plans to obtain 10-12.5 billion rupees in the next round of equity financing in the middle of next year. Tiger Global Management may be an investor in this round of financing.

Comments

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