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Funding · Commerce & Consumer Brands

Wow! Momo raises Rs 110 Cr debt from Anicut Capital

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Date
Company
Wow! Momo
What it does
Quick-service restaurant chain operator
Kind
Funding
Amount
₹110 crore
Stage
debt
Founded
2008
Sector
Commerce & Consumer Brands

What they do

Wow!

What happened

Momo operates a quick-service restaurant chain with over 850 outlets across more than 90 cities in India

Why it matters

The company raised Rs 110 Cr through non-convertible debentures to refinance existing borrowings and fund growth; this brings total 2025 funding to ~Rs 300…

The details

  • Wow! Momo has raised Rs 110 Cr ($11.6M) from Anicut Capital.
  • The funds were raised via 1,100 non-convertible debentures (fixed-income securities) with a face value of Rs 10 lakh each.
  • The first tranche of Rs 60 Cr has been received, with the remainder due within six months.
  • The company will use the money for refinancing existing borrowings, general corporate purposes, and as growth capital.
  • This is the first fundraise of 2026 for the QSR chain.
  • In December 2025, Wow! Momo raised an additional Rs 75 Cr from Singularity AMC.
  • Total funds raised in 2025 amounted to approximately Rs 300 Cr across equity and debt instruments.
  • Prior to this round, the company had raised over $140M in previous funding rounds.

The bigger picture

  • Investors include major players like Khazanah Nasional and the Haldiram promoter family.
  • The valuation stands at roughly Rs 2,838 Cr ($316M) based on the last funding round.
  • The company aims to reach Rs 1,200 Cr in revenue by 2027.

About the business

  • Wow! Momo operates as a quick-service restaurant chain (QSR) focusing on Asian cuisine.
  • It runs multiple brands including Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
  • The chain has expanded to over 850 outlets across more than 90 cities.
  • Revenue grew from Rs 413 Cr in FY23 to Rs 470 Cr in FY24.
  • The company reported losses of approximately Rs 114 Cr in FY24.
  • Management claims FY25 revenue will exceed Rs 640 Cr, showing over 30% growth.
  • The FMCG arm has crossed Rs 100 Cr in revenue.
  • FY26 revenue target is set at Rs 850 Cr.
  • Long-term goal is to achieve Rs 1,200 Cr in revenue by 2027.

What happens next

  • Accelerate store expansion beyond the core quick-service restaurant business.
  • Achieve Rs 1,200 Cr in revenue by 2027.
  • Complete the remaining tranches of the debt facility within six months.

The deal

Type
Debt Raise

Investors

  • Anicut Capital (Lead) — Provided Rs 110 Cr debt financing via non-convertible debentures.
  • Singularity AMC (Participated) — Provided Rs 75 Cr in December 2025.
  • Khazanah Nasional (Existing) — Led Series D in Jan 2024; invested in 2025 equity/debt mix.
  • Haldiram promoter family (Existing) — Participated in 2025 equity/debt mix alongside Khazanah.

Founders

  • Sagar Daryani, Co-founder
  • Binod Homagai, Co-founder

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