Wow! Momo raises Rs 85 crore in debt from Stride Ventures

Wow! Momo Foods has raised Rs 85 crore in debt funding from Stride Ventures, as the Kolkata-based quick-service restaurant chain sharpens its focus on scaling its omnichannel presence and expanding into new verticals amid a challenging consumption environment.

The fresh infusion will support Wow! Momo’s expansion across its core dine-in and delivery businesses, as well as its newer bets in the fast-moving consumer goods (FMCG) and HORECA (hotels, restaurants, and catering) segments.

The company, which is known for its flagship brand Wow! Momo and newer offerings such as Wow! China, Wow! Chicken, and Wow! Kulfi, plans to deepen its footprint across urban India with a vision to enter more than 100 cities and scale to 1,500 stores within the next three years.

It currently operates over 700 self-owned stores in 70+ cities, and claims to report some of the highest same-store sales growth figures among Indian QSRs, a performance metric that draws parallels with international chains. Even as the Indian food delivery market grapples with a consumption slowdown and increasing pressure from aggregator platform fees, Wow! Momo has continued to focus on unit-level profitability, brand recall, and customer loyalty to reinforce its growth model.

"Wow! Momo is a reflection of India's evolving consumer story. Their passion for innovation and scale makes them a standout player in the food services sector. We are proud to support their journey as they continue to bring their culinary creations to every corner of the country," said Apoorva Sharma, Managing Partner, Stride Ventures.

“Stride Ventures’ support marks a pivotal moment in our journey of redefining Indian QSR. With their partnership, we aim to scale new heights, introduce new formats, and continue building brands that India can be proud of,” said Sagar Daryani, CEO and co-founder of Wow! Momo.

The brand's omnichannel strategy includes building a meaningful FMCG portfolio, which it aims to scale to Rs 100 crore in revenue, alongside ramping up the HORECA vertical that was launched recently.

This is the company’s first major fundraise since January 2024, when it raised $49 million in a mix of primary and secondary capital from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad. That round also saw exits for some of its early-stage backers including Indian Angel Network and Lighthouse Funds.