QSR Chain Wow! Momo Foods Raises Rs 85 Cr Debt From Stride Ventures

Wow! Momo Foods, a quick-service restaurant (QSR) company has raised Rs 85 Cr (around $9.9 Mn) in debt from Stride Ventures.

Wow! Momo, along with its brands Wow! China, Wow! Chicken, and Wow! Kulfi, aims to create a strong network of Indian brands in the quick-service restaurant (QSR) industry. 

Stride Ventures' Rs 85 crore debt investment is a key step, helping Wow! Momo grow its dine-in, delivery, and FMCG businesses.

Read also- rapido to raise Rs 125 Cr from Nexus Ventures ahead of enter into diversify product offerings

The company runs over 700 stores in more than 70 cities, with strong same-store sales growth that matches top global standards.

"Wow! Momo is a popular and unique brand that people love. It has a strong business model and steady profits. The company plans to grow its FMCG (fast-moving consumer goods) division to ₹100 crore and expand its new HORECA (hotel, restaurant, café) business this year.

Additionally, Momo uses a smart mix of dine-in, delivery, and FMCG to reach more customers. This strategy helps the brand grow and stay ahead in the market."

Apoorva Sharma, Managing Partner, Stride Ventures, said, "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." 

Sagar Daryani, Co-founder and CEO of Wow! Momo added, “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.”

About Wow! Momo

Founded by Binod Kumar Homagai, Sagar Daryani and Shah Miftaur Rahman in 2008, Wow! Momo is a fast-food chain with over 630 outlets in 35+ cities. It competes with brands like Rebel Foods and Curefoods and plans to expand to 100 more cities in the next three years.

In FY24, its net loss was Rs 114.4 Cr, slightly higher than the Rs 113.8 Cr loss in FY23. However, its revenue grew by 13.83% to Rs 470 Cr, up from Rs 412.9 Cr the previous year.

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