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Funding · Commerce & Consumer Brands

Wow! Momo raises Rs 185 crore in second debt round this year

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Date
Company
Wow! Momo
What it does
QSR chain with momo and Chinese food brands
Kind
Funding
Amount
₹185 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 185 crore from InCred Credit Opportunities, RevX Capital Fund, and Anicut Capital for refinancing and growth; revenue reached Rs 640…

The details

  • Wow! Momo secured Rs 185 crore in debt funding from three financial institutions.
  • InCred Credit Opportunities led the round with a contribution of Rs 125 crore.
  • RevX Capital Fund invested Rs 40 crore in this latest financing round.
  • Anicut Capital contributed Rs 20 crore to support the company's capital needs.
  • This marks the second debt raise for Wow! Momo within the current calendar year.
  • The previous debt round occurred in April involving Rs 110 crore from Anicut Capital.
  • Funds will be used for refinancing existing borrowings and general corporate requirements.
  • The company also plans to use the capital for future growth initiatives.
  • Wow! Momo previously raised over $140 million before this specific debt transaction.
  • A prior Series D round in January 2024 was led by Khazanah Nasional.
  • The valuation at that time stood at approximately Rs 2,838 crore post-money.

The bigger picture

  • Revenue growth has been strong but the company reported losses of around ₹114 crore in FY24.
  • Multiple investors are participating indicating confidence in the brand's market position.

About the business

  • Wow! Momo operates multiple brands including Wow! China and Wow! Chicken.
  • The chain also features Wow! Kulfi as part of its diverse menu offerings.
  • There are currently more than 850 outlets operating across the country.
  • These locations span over 90 different cities throughout India.
  • Founders Sagar Daryani and Binod Homagai established the business in 2008.
  • FY24 revenue was recorded at Rs 470 crore during the fiscal year.
  • The company posted a loss of approximately Rs 114 crore in FY24.
  • FY25 revenue crossed the Rs 640 crore mark showing continued growth.
  • FY26 revenue reached Rs 850 crore demonstrating strong top-line performance.
  • Financial statements for FY25 and FY26 have not yet been filed publicly.

What happens next

  • The company aims to achieve revenue of Rs 1,200 crore by 2027.

The deal

Type
debt

Investors

  • InCred Credit Opportunities (lead) — Lead investor contributing Rs 125 crore to the debt round.
  • RevX Capital Fund (participated) — Investor contributing Rs 40 crore to the debt round.
  • Anicut Capital (participated) — Investor contributing Rs 20 crore having also participated in an April debt raise.

Founders

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

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