Top deals of Jan 12-18: Fast food chain WOW Momo raises $49 million
IBC, Varthana, Finagg and StockGro were the other firms that received significant investments over the week
Quick service restaurant (QSR) chain Wow! Momo Foods Pvt Ltd raised Series D funding of $49.42 million from Khazanah Nasional Berhad and OAKS Asset Management, according to data from PrivateCircle Research. The company, headquartered in Kolkata, specialises in momos, momo-filled burgers, and momo-based desserts.
Wow! Momo, which runs 630 outlets in over 35 cities, will use the fresh funds to fuel its growth and expansion plans and for R&D.
Energy storage firm International Battery Company (IBC) received $35 million in Series A funding from RTP Global, Beenext, and Veda Venture Capital. IBC, which operates in the eco-friendly lithium-ion battery space, focuses on the development of large-sized Prismatic Li-ion NMC batteries which are tailored to meet Indian conditions.
Education loan provider Varthana Finance Pvt Ltd raised $14 million from Blue Earth Capital. Varthana collaborates with schools in 14 Indian states, giving loans that have reportedly benefited over 3,500 schools and impacted 2.5 million children.
Fintech startup Finagg Technologies Pvt Ltd raised $11 million in a Series A from BlueOrchard Investments, Tata Capital, SIDBI Ventures, Prime Venture Partners and Gray Ghost Ventures. Established in 2019, FinAGG offers MSME cash flow financing.
Assetgro Fintech Pvt Ltd, which runs social investment platform StockGro, raised $10.22 million from Hindustan Media Ventures. Founded in January 2020 by Ajay Lakhotia, a former venture capitalist, StockGro has a gamified virtual interface which enables users to explore and discover trading strategies.
