Quick-service restaurant (QSR) giant Wow! Momo is set to raise ₹110 crore ($11.6 million) in debt funding from Anicut Capital. This marks the company’s first major fundraising move of 2026, following a steady stream of capital infusions throughout late 2025.
The board has approved the issuance of 1,100 non-convertible debentures (NCDs) with a face value of ₹10 lakh each. The capital will be raised in three tranches, with the first ₹60 crore already secured.
1. Strategic Use of Funds
The proceeds from this debt round are earmarked for scaling operations as the company moves toward a potential public listing.
- Refinancing: A portion of the funds will be used to refinance existing high-cost borrowings to optimize the balance sheet.
- Expansion: The capital will fuel the brand’s aggressive growth strategy to reach 1,500 stores across 100 cities within the next three years.
- General Corporate Purposes: Supporting the day-to-day working capital requirements of its four primary brands: Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
2. Financial Performance & Valuation
Wow! Momo has maintained strong revenue momentum despite the competitive landscape of the Indian QSR market.
- Revenue Growth: The company recorded ₹470 crore in revenue for FY24 (a 13% increase) and is projecting a significant jump to ₹850 crore for FY26.
- Valuation: As of its last equity infusion from Singularity AMC in December 2025, the company was valued at approximately ₹2,838 crore ($316 million).
- Path to Profitability: While the company reported a loss of ₹114 crore in FY24, its recent focus on unit economics and the scaling of its FMCG arm (which crossed the ₹100 crore mark) is intended to pave the way for a 2027 IPO.
3. Expansion Milestones (FY26–FY27)
The company is currently in its most aggressive expansion phase since its inception in 2008.
- Store Count: Having opened a record 200 stores in FY26, the brand now operates over 850 outlets in 90+ cities.
- Tier II & III Focus: For the 2026-27 cycle, Wow! Momo plans to add another 150–200 stores, with a specific focus on untapped potential in smaller Indian cities.
- Revenue Target: CEO Sagar Daryani has set a mid-term goal of achieving ₹1,200 crore in revenue by 2027.