Wow! Momo Foods, a quick-service restaurant (QSR) chain, has secured Rs. 85 crore (approximately $10 million) in debt funding from Stride Ventures. Earlier this year, in April, it had raised Rs. 480 crore (approximately $51 million) in Series D funding (including Rs. 270 crore for primary investment and Rs. 210 crore for secondary investment).
- Wow! Momo secures Rs. 85 crore debt funding from Stride Ventures to expand its QSR and FMCG verticals across India.
- The quick-service restaurant (QSR) chain plans to scale to 1,500 stores in 100 cities and grow its FMCG business to Rs. 100 crore.
- Founded by Sagar Daryani and Binod Homagai, Wow! Momo Foods continues rapid growth with over 700 outlets in 70 cities.
The funds will be used to refinance loans and fuel the expansion of its QSR and FMCG verticals.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets across 70 cities in India, and has multiple brands under its umbrella including Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
Sagar Daryani, Co-Founder and CEO of Wow! Momo, said, “This support from Stride Ventures will propel us to new heights and allow us to bring in more formats so that we can reach more people."
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The company's aim is to scale its FMCG business to Rs. 100 crore, continue to grow its HORECA division, and expand to 1,500 stores across 100 cities in the next 3 years.
According to TheKredible, Wow! Momo's revenue from operations has projected an increase to Rs. 470 crore in FY24 compared to Rs. 413 crore in FY23, and that its losses have remained steady at Rs. 114 crore in FY24.
