Kolkata-based quick-service restaurant (QSR) chain Wow! Momo has raised ₹130-150 crore in a bridge funding round led by Kamal Agrawal of the Haldiram promoter family and Malaysia’s sovereign wealth fund, Khazanah Nasional Berhad. The funding is structured through convertible notes, and the company’s valuation will be finalized during its upcoming Series E round.
This strategic capital infusion is part of Wow! Momo’s broader plan to fuel its next phase of growth, which includes geographic expansion, brand diversification, and a deeper foray into the fast-moving consumer goods (FMCG) sector.
Aiming Big: ₹600-700 Crore Series E in the Pipeline
The company is preparing to raise $75-80 million (around ₹600-700 crore) in its next equity round, expected to close in the last quarter of 2025. This round will play a critical role in boosting its operational infrastructure and supporting new ventures across India. So far, Wow! Momo has raised over ₹600 crore across multiple funding rounds, including a $42 million (₹350 crore) Series D in early 2024, also led by Khazanah Nasional.
Additional investors in the current bridge round include several high-net-worth individuals and family offices. Kamal Agrawal, who previously led the Nagpur unit of Haldiram before its merger with the Delhi-based unit, brings deep expertise from India’s traditional food and snacks industry.
A Diversified Brand Portfolio
Founded in 2008 by Sagar Daryani and Binod Kumar Homagai, Wow! Momo has grown into one of India’s leading QSR chains. It currently operates four brands under its umbrella: Wow! Momo (its flagship brand), Wow! China, Wow! Chicken, and Wow! Kulfi.
As of 2024, the company has over 680 stores in more than 60 cities across India and plans to add 200-250 more outlets by the end of next year. It employs approximately 6,000 people, underscoring its significant footprint in the Indian QSR space.
Financials Reflecting Growth and Stability
Wow! Momo reported revenue from operations of ₹470 crore in FY24, up from ₹413 crore in FY23-a year-over-year increase of nearly 14%. While losses remained flat at ₹114 crore, the company posted a major turnaround in operational performance with a positive EBITDA of ₹38.2 crore in FY24 compared to an EBITDA loss of ₹1.7 crore in FY23. The EBITDA margin improved from 0% to 8%, indicating improved efficiency and scalability in its core business.
Expanding the FMCG Play
Beyond QSR, the company is scaling its presence in the FMCG space. Launched in 2022, its frozen foods division contributes around ₹5 crore in monthly revenue. Products like frozen momos are available through leading quick commerce platforms including Blinkit, Zepto, BigBasket, Instamart, and Flipkart Minutes.
In 2023, Wow! Momo introduced “Wow! Noodles”-a line of instant noodles inspired by Desi-Asian flavors like Thukpa, Khao Suey, Manchurian, and Korean chili. These are now stocked in major modern retail chains such as Reliance, More Retail, Spencer’s, Spar, and Ratnadeep, and are also available across 10,000+ general trade outlets in over 200 towns.
The company recently secured inflight listings for its noodle products with Akasa Air, Air India Express, and SpiceJet, a move that expands its brand visibility across domestic travel channels.
New Manufacturing Hub for FMCG Growth
To further boost its FMCG capacity, Wow! Momo is investing ₹35 crore in a new 100,000 sq. ft. manufacturing facility in Taloja, Maharashtra. Scheduled to begin operations by June 2025, the plant will be capable of producing one million momos and several hundred thousand kulfis daily. This will not only meet growing demand but also reduce logistics costs significantly.
The FMCG division aims to generate ₹100 crore in revenue over the next 24-30 months, with a longer-term target of ₹600 crore in five years.
IPO in Sight
Wow! Momo has set ambitious goals for the next few years. It is targeting ₹630 crore in revenue for FY25 and ₹840 crore in FY26. The company plans to launch an IPO by 2027, contingent on achieving ₹1,000 crore in revenue-a milestone that would mark a significant evolution from a college startup to a publicly traded brand.
As India’s QSR market is projected to grow by 27% through FY28 and the broader food services market expected to hit ₹7.76 trillion, Wow! Momo is well-positioned to capture a substantial share of the growing consumer appetite for convenient and innovative food solutions.
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