Kolkata-based quick service restaurant (QSR) chain Wow Momo has successfully raised Rs 130-150 crore in a bridge funding round. The round is led by Kamal Agrawal, a promoter from the Haldiram family, along with Malaysia’s sovereign wealth fund, Khazanah Nasional.
Funding Details and Structure
This bridge round has been structured through convertible notes. The company’s valuation will be decided in the upcoming main funding round, which is expected to close by the October-December quarter of 2025. Wow! Momo has appointed investment bankers to manage this next round, targeting to raise $75-80 million (approximately Rs 600-700 crore).
Expansion Plans and Growth
Wow! Momo currently operates 680 outlets across India under four brands: Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company plans to add 200-250 new outlets over the next 12-14 months, aiming to strengthen its presence in the QSR segment.
Financially, the company reported revenue growth from Rs 413 crore in FY23 to Rs 470 crore in FY24, with losses steady at Rs 114 crore. The management expects revenue to reach Rs 630-640 crore by the end of FY25, reflecting a 30% year-on-year growth.
FMCG Business Growth
Apart from restaurant expansion, Wow! Momo is aggressively growing its fast-moving consumer goods (FMCG) portfolio. Its frozen momos generate Rs 5 crore in monthly sales, mainly via quick commerce platforms. The FMCG segment is expected to scale further, with new product launches like Wow! Biryani and cup noodles planned for quick commerce channels.
Previous Funding and Valuation
This bridge round follows a significant Series D funding in January 2024, where Wow! Momo raised Rs 350 crore (around $42 million) led by Khazanah Nasional. At that time, the company was valued at Rs 2,400 crore. The fresh capital will support network expansion, distribution enhancement, and R&D for the FMCG arm.
About the Investors
Kamal Agrawal, part of the Haldiram promoter family, has a legacy in India’s leading snack brand business. His involvement signals strong confidence in Wow! Momo’s growth potential. Khazanah Nasional is Malaysia’s sovereign wealth fund, which has been a key investor in Wow! Momo since earlier rounds.