Wow! Momo Secures Rs 75 Crore in Series D Funding

The fast-food restaurant chain Wow! Momo is raising Rs 75 crore (around $8.5 million) in its currently ongoing Series D funding round, led by 360 ONE, along with participation from Kyrush Investments. This new investment follows closely on the heels of receiving Rs 85 crore in debt financing from Stride Ventures just three months earlier. Consequently, the total funding collected by Wow! Momo in its Series D round has now exceeded Rs 650 crore.

The board of Wow! Momo has authorized the issuance of 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share to achieve this Rs 75 crore target, according to regulatory filings obtained from the Registrar of Companies (RoC). 360 ONE is poised to invest Rs 70 crore in this funding round, while Kyrush Investments will contribute the remaining Rs 4.99 crore. As estimated by Startup Superb, the company’s valuation now stands between Rs 315 million and Rs 320 million post-money.

These funds will be allocated for capital expansion, covering working capital needs, and other general corporate purposes. According to the filings, 360 ONE Portfolio will possess a 2.53% stake, whilst Kyrush Investments will hold 0.18%.

Company Overview and Future Plans

Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo boasts over 700 outlets across 70 cities, offering brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company has ambitious plans to scale its FMCG business to Rs 100 crore, enhance its HORECA division, and expand its footprint to 1,500 stores in 100 cities within the next three years.

Revenue Growth and Financial Performance

According to various sources from the startup data intelligence platform, Wow! Momo’s revenue from operations surged by 13% year-on-year, reaching Rs 470 crore in FY24, up from Rs 413 crore in FY23. However, the company still reported consistent losses of Rs 114 crore in FY24. The financial results for FY25 have yet to be disclosed.