Wow! Momo Secures Rs 110 Crore Debt Funding from Anicut Capital

Wow! Momo is making headlines by raising Rs 110 crore ($11.6 million) in debt funding with Anicut Capital. This marks the company’s first fundraising initiative for 2026, following a previous infusion of Rs 75 crore ($8.4 million) from Singularity AMC in December last year. In the previous year, Wow! Momo secured approximately Rs 300 crore through three different funding rounds by combining equity and debt, which also included Rs 130–150 crore from the Haldiram promoter family and Khazanah Nasional.

Details on the Funding

The board of Wow! Momo has authorised the issuance of 1,100 non-convertible debentures (NCDs) valued at Rs 10 lakh each, thereby accumulating Rs 110 crore. This amount will be raised in three separate tranches, as indicated in their filing with the Registrar of Companies (RoC). The initial tranche of Rs 60 crore has already been received, while the remaining funds are expected to be completed within six months according to the terms of the debentures.

Utilisation of Funds

The funds raised will be utilised to refinance existing liabilities, support general corporate needs, and facilitate growth capital requirements. The company has ambitious plans for expansion.

A Look at Wow! Momo’s Journey

Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo currently operates over 850 outlets across more than 90 cities in India. Their brands encompass Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. During the last funding round, Wow! Momo was valued at approximately Rs 2,838 crore ($316 million) on a post-money basis. Collectively, the company has managed to raise over $140 million in prior funding rounds, including a notable $42 million Series D round led by Khazanah Nasional in January 2024.

Performance Metrics

In terms of financial growth, Wow! Momo experienced a revenue increase of 13%, rising to Rs 470 crore in FY24 from Rs 413 crore in FY23, although losses remained around Rs 114 crore. While FY25 results are yet to be filed, the company has indicated that revenue surged over 30% to nearly Rs 640 crore, with expectations to achieve Rs 850 crore by FY26. In recent communications, Wow! Momo has set a target to reach Rs 1,200 crore in revenue by 2027.

Expansion Beyond QSR

In addition to its primary quick-service restaurant offerings, Wow! Momo has ventured into the FMCG sector, achieving revenues that exceed Rs 100 crore. The company’s plans include accelerating its store expansion in this segment to further drive growth.