Wow! Momo has raised $9 million as a part of a Series D round, while TMRW has invested $18.6 million in D2C brand The Indian Garage Co. Separately, Blackstone-owned hospital platform Quality Care has signed an agreement to acquire KIMS Health Management.
Wow! Momo raises $9m in Series D
Quick service restaurant chain Wow! Momo has raised $9 million as a part of a Series D round from ValueQuest Capital, Entrackr reported on Thursday.
The company plans to raise an additional Rs 100 crore in the second tranche of the ongoing round, having already raised over $25 million in Series D financing. The company has been valued at around $340 million post-allotment, the report said.
Following the fresh proceeds, ValueQuest Capital holds a 3.21% stake in Wow! Momo, while Tiger Global remains the largest external shareholder with a 14.08% stake followed by Lighthouse and Treeline Investment. Its co-founders Sagar Daryani and Binod Homagai cumulatively hold more than 30% of the company.
Wow! Momo kicked off its Series D round of $16 million in September last year, when its valuation grew over 60% in contrast to its Series C round of financing.
Deal values KIMS Kerala at $400m
PE fund Blackstone-owned hospital platform Quality Care (QCIL) has signed an agreement to acquire KIMS Health Management (KHML), Kerala’s leading hospital chain, valuing the business at $400 million, The Economic Times reported.
QCIL, the platform that operates a network of CARE Hospitals, is jointly owned by Blackstone and TPG Growth. Blackstone owns a 73% stake, while TPG Growth holds 25% in QCIL.
After the KIMS buyout, QCIL will own close to 3,800 beds, making it the fourth-largest hospital group after Apollo Hospitals, Manipal Health, and Fortis Healthcare.
QCIL has acquired an 80-85% stake in KIMS, while KIMS’ founder promoter Dr MI Sahadulla will hold 15-20% stake and will continue to run the business.
TMRW invests $18.6m in The Indian Garage Co
Aditya Birla Group brand TMRW has invested $18.6 million in D2C brand The Indian Garage Co (TIGC). The funds will be used to expand sales channels, including D2C, enter new categories, and open physical stores.
The company will likely end FY24 with a top line of around Rs 700-750 crore, The Indian Garage Co founder Anant Tanted told MoneyControl.
“We have reached a point in our journey where we felt the need for a partner who would enable us to take the next big stride in our growth journey. Our collaboration with TMRW enables just this,” Tanted said.