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Wow! Momo Raises Rs 70 Crore in Extended Series D Round for Expansion





Wow! Momo, a popular quick-service restaurant chain, has secured Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners.

This latest funding brings the total raised in Series D to Rs 480 crore ($51 million), comprising Rs 270 crore in primary funding and Rs 210 crore in secondary funding. According to reports, Indian Angel Network and Lighthouse Funds participated in the secondary purchase.

Earlier this year, Wow! Momo raised Rs 350 crore (approximately $42 million) in the first tranche of Series D, led by Khazanah Nasional Berhad.

The funds will be used to fuel the growth and expansion of Wow! Momo's quick-service restaurant brand, as well as to strengthen its distribution and research and development for its FMCG arm.

Wow! Momo ventured into the FMCG segment in July 2021.

Founded by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company boasts 630 outlets across 38 cities and directly employs 6,000 people.

In the ongoing fiscal year (FY25), the company aims to expand its footprint with an additional 200 outlets.

Wow! Momo is targeting a topline of Rs 650-700 crore in the current fiscal year (FY24), up from Rs 435 crore in FY23. While the financial statements for FY23 are yet to be filed, the company's revenue from operations doubled to Rs 220 crore in FY22 from Rs 106 crore in FY21.

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