Wow! Momo Foods has raised over about $15.6 million (Rs 125 crore) from OAKS Asset Management. Separately, Akshayakalpa Organic, a dairy products manufacturer, has raised $15 million in its Series B round of funding.
OAKS Asset invests in Wow! Momo Foods
Wow! Momo Foods, which operates the brands Wow! Momo, Wow! China and Wow! Chicken, has raised around $15.6 million (Rs 125 crore) from OAKS Asset Management.
The funding is a part of a two tranche-raise with the second one being planned with another VC Fund, the startup said in a statement.
The fresh funds will enable the brand to build strong back-end capabilities to enter tier 1 and tier 2 markets of the country. The brand currently has a presence across 21 cities with over 480 outlets. It aims to enter over 100 cities as part of the new expansion plan.
Launched in August 2008, the multi-billion-rupee QSR chain claims to have a monthly revenue run-rate of over Rs 40 crore and plans to double its growth by mid next year. The brand intends to end the financial year with a topline of over Rs 450 crore as against Rs 220 crore in the last fiscal year.
Akshayakalpa Organic raises $15m
Akshayakalpa Organic, a dairy products manufacturer, has raised $15 million in its Series B round of funding from existing and new investors, including British International Investment (BII), a development finance institution from the UK; Rainmatter Foundation; and Venture Dairy.
The startup plans to invest the capital raised in the Bengaluru, Chennai and Hyderabad markets and to expand into new geographies of Pune, Mumbai and Kochi, it said in a statement.
The dairy venture claims that it works with over 750 farmer families and supplies organic milk as well as other products to 60,000-plus consumers in Bengaluru, Hyderabad and Chennai through its direct delivery platform. Its products are also available across 2,000-plus retail outlets and e-commerce/quick commerce platforms.