Wow! Momo Raises INR 85 Cr Debt From Stride Ventures

Kolkata-based QSR chain Wow! Momo has raised INR 85 Cr (around $9.9 Mn) debt from Stride Ventures as it looks to strengthen its omnichannel strategy and expand presence in the FMCG vertical.

Additionally, Wow! Momo also plans to expand the footprint of its dine-in vertical.

Founded by Binod Kumar Homagai, Sagar Daryani and Shah Miftaur Rahman in 2008, Wow! Momo is a quick-service restaurant (QSR) chain with more than 630 outlets in over 35 cities. 

The startup, which competes against the likes of Rebel Foods, Curefoods and EatClub in the restaurant and cloud kitchen segments, is also targeting 100 more cities over the next three years. 

Wow! Momo’s net loss remained almost flat at INR 114.4 Cr in FY24. This was 0.53% higher than the loss of INR 113.8 Cr in the previous fiscal year. Its operating revenue rose 13.83% to INR 470 Cr during the year under review from INR 412.9 Cr in FY23.

The company aims to reach INR 650 Cr in revenue for FY25 and is also targeting an initial public offering (IPO) in 2027.

Wow! Momo’s latest debt investment comes weeks after it was reported that the startup was raising INR 150 Cr in its bridge funding round led by Haldiram’s promoter Kamal Agrawal and Malaysia’s wealth fund Khazanah Nasional.

This also comes at a time when Wow! Momo is planning to raise $75- 80 Mn in its next funding round, which is expected to close by the third quarter of FY26.

Wow! Momo is also planning to scale-up its FMCG vertical to INR 100 Cr and ramp up the newly launched Hotels, restaurants and cafes (HORECA) arm this year. It also aims to add 200-250 retail outlets to its network within the next 12-14 months.

Wow! Momo operates fast-food brands such as Wow! Chicken, Wow! Kulfi and Wow! China. It also sells a variety of frozen food via its FMCG vertical. It relies heavily on food delivery apps Zomato and Swiggy to sell its products. However, it now plans to launch its own delivery app,  Wow! Eats.