Wow! Momo Foods Secures Rs 85 Crore Debt Funding for Expansion
Wow! Momo Foods has successfully raised Rs 85 crore (approximately $10 million) in debt financing from Stride Ventures. This follows the company’s earlier success in April, when it secured Rs 480 crore ($51 million) in Series D funding, which included Rs 270 crore in primary funding and Rs 210 crore in secondary funding.
The funds will be directed towards refinancing existing debts and facilitating expansion in both the quick-service restaurant (QSR) and fast-moving consumer goods (FMCG) sectors.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates an extensive network of over 700 outlets spread across 70 cities. The brand portfolio includes Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
Sagar Daryani, Co-founder & CEO of Wow! Momo, noted that the support from Stride Ventures would enable the company to reach new operational heights and introduce various formats to cater to a larger audience.
Strategic Expansion Plans of Wow! Momo Foods
The fast-growing company aims to elevate its FMCG business to Rs 100 crore, enhance its HORECA division, and strive for a footprint of 1,500 stores across 100 cities within the next three years.
Financial Progress of Wow! Momo Foods
According to various sources, Wow! Momo’s operational revenue rose to Rs 470 crore in FY24, an increase from Rs 413 crore in FY23. However, the company experienced steady losses amounting to Rs 114 crore in FY24.