In a strategic move aimed at bolstering its national footprint, Kolkata-based quick-service restaurant (QSR) chain Wow! Momo has raised INR 130–150 crore (~USD 15–17 million) in a bridge funding round. The investment is spearheaded by Kamal Agrawal, a key member of the Haldiram promoter family, alongside Khazanah Nasional, Malaysia’s sovereign wealth fund.
This round—structured via convertible notes—comes ahead of a larger USD 75–80 million (~INR 683.02 crore) funding round planned for Q3 FY26, which is expected to further escalate Wow! Momo’s valuation and solidify its FMCG and retail verticals. Notably, this interim funding has also attracted participation from multiple family offices and high-net-worth individuals (HNIs).
A Strategic Infusion of Capital
The fresh funds are set to supercharge Wow! Momo’s aggressive expansion plans, which include opening 200–250 new outlets across India over the next 12 to 14 months. Currently operating 680 outlets under a diversified portfolio—Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi—the company is leveraging this momentum to reach more cities and deepen its penetration in existing markets.
Co-founder and CEO Sagar Daryani emphasized the company’s ambition to build an omnichannel food empire:
“We are not just a QSR brand anymore. With our growing FMCG portfolio and traction in quick commerce, we are blending innovation with scale.”
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Frozen Momos & FMCG Play
A critical pillar of the company’s strategy is its fast-growing FMCG vertical, particularly its frozen momo segment. Monthly sales have already reached INR 5 crore, with 52% of these sales driven by quick commerce platforms such as Zepto and Blinkit.
The company has also forayed into new product lines like cup noodles featuring Wow! China recipes and recently piloted Wow! Biryani on quick commerce platforms.
From a Kiosk to a QSR Giant
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo began as a modest kiosk in Kolkata. Over the years, it has grown into one of India’s most recognizable QSR brands, with diversified formats and a presence in over 35 cities.
Backed by marquee investors including Khazanah, Tiger Global, and Z3Partners, the brand has now raised over INR 600 crore till date. The last major round in January 2024, a Series D raise of INR 350 crore, was also led by Khazanah and saw partial exits by early investors like Lighthouse Funds and Indian Angel Network.
Private equity player Lighthouse Funds, which invested approximately INR 60 crore in Wow! Momo in 2017, is planning a full exit, expecting returns close to INR 300 crore. This exit, at a valuation of INR 2,400 crore, underscores the investor confidence and sustained momentum Wow! Momo has built.
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Wow! Momo IPO Plans & Financial Snapshot
- Revenue FY24: INR 470 crore (13.8% YoY growth from INR 413 crore in FY23)
- Losses FY24: INR 114 crore (flat YoY)
- Projected Revenue FY25: INR 650 crore
- IPO Target: 2027
The company’s operational loss remains steady, mainly attributed to expansion-driven costs which pushed total expenses up by 12% to INR 593 crore in FY24. Yet, growth remains on track, and Wow! Momo appears undeterred in its path to profitability and a public listing.
In a rapidly evolving market that includes players like Rebel Foods, Curefoods, and EatClub, Wow! Momo is doubling down on both brick-and-mortar and cloud kitchen formats. Its ability to extend its offerings into the ready-to-eat and frozen food segments gives it a unique competitive edge in an era where traditional food delivery models are facing headwinds.
As Daryani succinctly puts it:
“It’s not just about food. It’s about building India’s next foodtech conglomerate.”
With fresh capital, an expanding national footprint, a diversified product line, and a roadmap to IPO, Wow! Momo is making its presence felt not just in India’s food courts—but in its kitchens, pantries, and online carts.