William Bissell, managing director of ethnic apparel retailer Fabindia, has invested Rs 3 crore (approx. $450,000) in quick service restaurant (QSR) chain Wow! Momo.
Bissell has picked up 1 per cent stake in the Kolkata-headquartered firm via the transaction, which valued Wow! Momo Foods Pvt. Ltd at Rs 300 crore (around $45 million).
The QSR chain will primarily use the money to expand its bases. Wow! Momo had in May last year roped in mid-market private equity firm Lighthouse Advisors India Pvt. Ltd as its first institutional investor. Lighthouse is also a minority investor in Fabindia.
Wow! Momo had posted net sales of Rs 49 crore in the financial year 2016-17, up from Rs 31 crore the year before that. Its net profit rose to Rs 1.2 crore from Rs 60 lakh during the same period.
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