Quick service restaurant (QSR) chain Wow! Momo is raising a Rs 130–150 crore bridge round led by Kamal Agrawal, promoter of Haldiram’s, and Malaysia’s sovereign wealth fund Khazanah Nasional. The funds are being raised through convertible notes, with the valuation to be set during the company’s next fundraising round.
Valuation and Future Fundraise
Wow! Momo has hired investment bankers to manage its next major fundraising round, which is expected to close by Q3 FY26. The company is planning to raise $75–80 million (Rs 600–700 crore) during that round. In January 2024, Wow! Momo had raised Rs 350 crore in a round led by Khazanah at a valuation of Rs 2,400 crore.
Participation Beyond the Lead Investors
Alongside Agrawal and Khazanah, the current bridge round is expected to include family offices and high-net-worth individuals (HNIs). Agrawal was earlier part of Haldiram’s Nagpur faction, which recently merged with the Delhi entity to form Haldiram Snacks Food Pvt Ltd, now valued at around $10 billion after backing from Alpha Wave Global, IHC, and Temasek.
Expansion Across QSR and FMCG
Wow! Momo is aggressively expanding both its restaurant footprint and FMCG portfolio. The company operates under four brands – Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi – and currently runs 680 outlets. It plans to add 200–250 more outlets in the next 12–14 months.
Financial Performance
For FY25, the company clocked in Rs 630–640 crore in revenue, marking a 30% year-on-year growth. In contrast, it reported Rs 480 crore revenue in FY24 along with a net loss of Rs 114 crore.
Quick Commerce and FMCG Push
Wow! Momo is leveraging the quick commerce boom by selling frozen momos and other packaged items through platforms like Zepto. The company makes Rs 5 crore in monthly sales from frozen momos, with 52% of that through quick commerce. It expects to grow FMCG revenue from Rs 36–38 crore to Rs 75 crore in the coming year.
New Product Launches
The company has also launched Wow! Biryani on Zepto and is rolling out cup noodles based on top sellers from Wow! China. These efforts come at a time when major food delivery platforms like Zomato and Swiggy are seeing slower growth in their core delivery businesses
