Wow! Momo Foods, a Quick-service restaurant chain, has raised ₹85 crore as debt investment from Stride Ventures.
The fresh funds raised will be used to enhance its omnichannel strategy and expand its presence across dine-in, delivery and FMCG verticals. The debt will be also used for refinancing the existing loans.
Wow! Momo last raised $49 million from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad in January last year. The investment included a primary infusion and secondary purchase from early-stage investors Indian Angel Network and Lighthouse Funds.
Founded in 2008 by Sagar Daryani and Binod Homagai, the Kolkata-based Wow! Momo Foods’ portfolio includes brands like Wow! Momo, Wow! China, Wow! Chicken and Wow! Kulfi. The company currently operates over 700 self-owned stores across 70+ cities.
The group is also planning to scale up its FMCG vertical to ₹100 crore and ramp up the newly launched HORECA arm this year.
Together with its other brands (Wow! China, Wow! Chicken & Wow! Kulfi), Wow! Momo aims to enter more than 100 cities and build a footprint of over 1,500 stores in the next three years.
Sagar Daryani, Co-founder and CEO of Wow! Momo, said, “Stride Ventures’ support marks a pivotal moment in our journey of redefining Indian QSR. With their partnership, we aim to scale new heights, introduce new formats and continue building brands that India can be proud of.”
Apoorva Sharma, Managing Partner, Stride Ventures, said, “Wow! Momo is a reflection of India’s evolving consumer story. Their passion for innovation and scale makes them a standout player in the food services sector. We are proud to support their journey as they continue to bring their culinary creations to every corner of the country.”
