Kolkata: Wow! Momo, a leading quick-service restaurant (QSR) chain known for its signature momos, has raised Rs 130-150 crore in a bridge funding round. This funding was led by Kamal Agrawal from the Haldiram promoter family and Khazanah Nasional, the sovereign wealth fund of Malaysia. The investment was structured via convertible notes, with the valuation for Wow! Momo to be determined in the next round of funding, slated to take place in the upcoming months.
The company is also preparing to raise $75-80 million (approximately Rs 600-700 crore) in its next funding round, which is expected to close during the October to December 2025 quarter. This upcoming funding will be used to support Wow! Momo’s aggressive expansion strategy and solidify its position as a leading player in India’s burgeoning food service industry.
Notable Investors and Funding History
This latest round brings Wow! Momo’s total funding to over Rs 600 crore so far, including the $42 million raised during its Series D round led by Khazanah Nasional. The current round also saw contributions from various family offices and high-net-worth individuals.
Kamal Agrawal, who was previously involved with the Nagpur unit of Haldiram, played a key role in leading the funding round. The merger of the Nagpur unit with the Delhi-based Haldiram counterpart further strengthened Agrawal’s ties to the food industry, benefiting Wow! Momo in securing this capital.
Growth and Expansion Plans
Wow! Momo is rapidly expanding its reach across India. The company currently operates 680 outlets under its four brands: Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. It plans to add 200-250 more outlets by next year, further extending its footprint and tapping into new markets across the country.
The company’s revenue for the fiscal year 2024 grew to Rs 470 crore, up from Rs 413 crore in FY23. However, despite the growth in revenue, the company reported steady losses of Rs 114 crore in the same period.
Venturing into FMCG
In addition to its core restaurant business, Wow! Momo is expanding into the FMCG (fast-moving consumer goods) sector. Its frozen momos are already generating approximately Rs 5 crore in monthly sales, primarily through quick commerce platforms, marking a new phase of diversification for the company.
The shift toward FMCG helps Wow! Momo tap into a rapidly growing market and potentially reach a wider consumer base, further driving revenue growth in the coming years.
