QSR chain Wow! Momo has bagged INR 75 Cr (about $8.4 Mn) as part of its ongoing bridge funding round from Singularity AMC founder Madhusudan Kela
The fresh capital will be used for expansion, product innovation, and strengthening its path to profitability, while it also set a target of entering 100+ cities in the next two years
Earlier, the bridge round saw participation from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, 360 One and Haldiram’s promoter Kamal Agarwal
Quick service restaurant (QSR) chain Wow! Momo has bagged INR 75 Cr (about $8.4 Mn) as part of its ongoing bridge funding round from ace investor and Singularity AMC founder Madhusudan Kela.
Earlier, the bridge round saw participation from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, 360 One and Haldiram’s promoter Kamal Agarwal. It was reported earlier this year that the QSR chain was looking to raise INR 130 Cr to INR 150 Cr in bridge funding.
In a statement, Wow! Momo said that the fresh capital will be used for expansion, product innovation, and strengthening its path to profitability. It is targeting to enter more than 100 cities and have a footprint of over 1,500 stores in the next two years.
Founded in 2008 by Binod Kumar Homagai, Sagar Daryani and Shah Miftaur Rahman, Wow! Momo operates brands such as Wow! Momo, Wow Chicken, Wow! China and China Belly, with more than 800 outlets across 80+ cities.
Wow! Momo is strengthening its in-house foodtech capabilities while doubling down on its omnichannel strategy and growing FMCG portfolio, which includes frozen momos, cuppa noodles, thukpa and coconut water. The startup also plans to ramp up its dine-in offering. To fuel these initiatives, it raised INR 85 Cr in debt from Stride Ventures in June.
It also roped in software Nimish Chaudhary as chief technology officer (CTO) in August to oversee the development of its in-house foodtech platform.
On the financial front, the Kolkata-based startup claimed that its revenue rose over 30% YoY to about INR 640 Cr in FY25. Without giving the bottom line number, it said that it is on track to post a revenue of INR 850 Cr in FY26 on the back of a double digit same store sales growth.
In FY24, Wow! Momo posted a net loss of INR 114.4 Cr on an operating revenue of INR 470 Cr. Wow Chicken became the biggest contributor to the top line in FY24, accounting for 55% of revenue. It was followed by Wow! Momo with a 35% share.
Earlier, it was reported that Wow! Momo was planning to raise $75 Mn to $80 Mn in its next funding round, which is expected to close by the third quarter of FY26. In the statement today, Wow! Momo said that it has appointed Avendus as the banker to raise a larger round later next year.
Overall, Wow! Momo has raised more than $150 Mn to date from investors like Tiger Global, Lighthouse, among others.
Wow! Momo was also said to be eyeing an initial public offering (IPO) in 2027.
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