Wow! Momo Raising Up To INR 150 Cr From Khazanah, Others: Report

SUMMARY

Haldiram’s promoter Kamal Agrawal and Malaysia’s wealth fund Khazanah Nasional are leading this bridge round

The round is structured through convertible notes, with the valuation to be finalised in the next fundraise

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

Kolkata-based QSR chain Wow! Momo is reportedly raising INR 130 -150 Cr in its bridge funding round.

An ET report, citing people close to the matter, said that Haldiram’s promoter Kamal Agrawal and Malaysia’s wealth fund Khazanah Nasional are leading the round.

Besides, a clutch of family offices and high-net-worth individuals (HNIs) are also expected to participate in the fundraise.

The round is structured through convertible notes, with the valuation to be finalised in the next round, the report added.

Inc42 has reached out to Wow! Momo for comments on the development. The story will be updated based on the response.

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, which operates its flagship brand Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi, is mulling to expand its footprint across its restaurant network as well as fast moving consumer goods (FMCG) portfolio, the sources added.

Furthermore, the company aims to add 200-250 retail outlets to its network within the next 12-14 months.

Founded in August 2008 by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman, the QSR chain has more than 630 outlets in over 35 cities.

Last year, the company raised $ 50.3 Mn (around INR 420 Cr) from Khazanah Nasional Berhad, OAKS Capital and Z3Partners, among others. Back then, it said that it would utilise the funds to expand the footprint of its QSR brand, strengthen distribution and boost research and development (R&D) for its FMCG arm.

On the financial front, Wow! Momo’s net loss remained flat at INR 114.4 Cr in the financial year ended in March 2024 (FY24), against a loss of INR 113.8 Cr in FY23. Meanwhile its operating revenue surged 13.83% to INR 470 Cr during the year under review from INR 412.9 Cr in the previous fiscal.

In October 2024, the QSR brand anticipated to record INR 650 Cr revenue in FY25 along with upcoming IPO plans in 2027.

WoW! Momo competes with the likes of Rebel Foods, Curefoods and EatClub in the restaurant and cloud kitchen segments.

Besides its retail food outlets, the company also sells its FMCG products including frozen momo, cup noodles and several other ready to eat food items on quick commerce platforms.