India’s leading quick-service restaurant (QSR) chain, Wow! Momo, has raised Rs 130–150 crore in a bridge funding round led by Kamal Agrawal from the Haldiram promoter family and Malaysian sovereign fund Khazanah Nasional Berhad. The funding has been executed via convertible notes, with the final valuation to be determined in the company’s upcoming funding round.
According to an Economic Times report, the Kolkata-based food-tech company is preparing for a significant capital raise of $75–80 million (Rs 600–700 crore) in its next funding round, slated for the October–December quarter of FY25.
Strategic Funding to Fuel Expansion and FMCG Play
This latest bridge round is a strategic move aimed at building momentum as Wow! Momo looks to scale operations. With this, the startup’s total funding has crossed Rs 600 crore, including a Series D round worth $42 million (Rs 350 crore) led by Khazanah Nasional.
Alongside institutional backers, the round saw participation from several family offices and high-net-worth individuals (HNIs). Notably, Kamal Agrawal, earlier associated with the Nagpur unit of Haldiram, has emerged as a key investor. His involvement could potentially open up synergies between legacy FMCG players and fast-growing QSR brands.
Multi-Brand Strategy & Rapid Retail Expansion
Wow! Momo operates under four distinct verticals:
-
Wow! Momo
-
Wow! China
-
Wow! Chicken
-
Wow! Kulfi
Currently managing 680+ outlets across India, the company has aggressive plans to open an additional 200–250 outlets by the end of next year. This multi-brand approach is designed to cater to diverse Indian taste preferences while increasing touchpoints across metros and Tier 2 cities.
Steady Revenue Growth with Controlled Losses
As per data sourced from TheKredible, Wow! Momo’s revenue from operations rose to Rs 470 crore in FY24, up from Rs 413 crore in FY23. Despite the aggressive expansion, the company has maintained consistent losses of Rs 114 crore, reflecting its investment-heavy growth trajectory.
While losses persist, the revenue surge showcases growing consumer acceptance and brand loyalty—especially in a competitive QSR space dominated by legacy chains and new-age delivery brands.
Growing Focus on Frozen Foods and Quick Commerce
In addition to its core restaurant business, Wow! Momo is also scaling up its FMCG vertical, focusing on frozen momos. The company is already clocking Rs 5 crore in monthly sales via quick commerce platforms such as Blinkit, Zepto, and Swiggy Instamart.
This move taps into the evolving consumer preference for ready-to-eat snacks, offering Wow! Momo a promising non-retail revenue stream and positioning it as a future-ready, omnichannel food brand.