Kolkata-based quick-service restaurant (QSR) chain Wow! Momo has raised ₹195 crore (~$22.8 million) through venture debt, marking a significant step in its growth strategy. The funding round is backed by prominent investors, including Tiger Global and Malaysia’s sovereign wealth fund Khazanah Nasional Berhad .
Strategic Use of Funds
The fresh capital infusion is expected to support Wow! Momo’s expansion and operational strategies, enhancing its presence in India’s fast-food market. The company operates over 630 outlets across 35 cities under three brands: Wow! Momo, Wow! China, and Wow! Chicken .
Financial Performance and Future Plans
In the fiscal year 2024, Wow! Momo reported revenues of ₹470 crore, up from ₹413 crore in FY23. Despite a net loss of ₹114 crore, the company achieved an EBITDA profit of ₹38.2 crore, a significant turnaround from the previous year’s ₹1.7 crore loss. The company aims to reach ₹650 crore in revenue for FY25 and is targeting an IPO by 2027 .
Recent Funding Activities
Prior to this venture debt round, Wow! Momo raised ₹130–150 crore in bridge funding, led by Kamal Agrawal of the Haldiram promoter family and Khazanah Nasional. The company is also planning a Series E round, aiming to raise ₹600–700 crore ($75–80 million) by late 2025 .VCCircle
Company Background
Founded in 2008 by St. Xavier’s College alumni Sagar Daryani and Binod Homagai, Wow! Momo started as a small kiosk in Kolkata. Over the years, it has grown into a prominent QSR chain in India, known for its innovative offerings like momo-filled burgers (MoBurgs) and momo-based desserts