In a strong vote of confidence for one of India’s homegrown quick-service restaurant (QSR) success stories, Kolkata-based Wow! Momo Foods has bagged Rs 85 crore (around $10 million) in debt funding from Stride Ventures. This fresh capital infusion is set to give the momo-to-multicuisine brand a new leg-up as it eyes an ambitious growth trajectory.
Earlier this year, the company closed its Series D round at Rs 480 crore ($51 million), which included Rs 270 crore in primary capital and Rs 210 crore through secondary transactions. The new funds, according to the company, will be used to refinance existing debt and fuel expansion across both its QSR and fast-moving consumer goods (FMCG) verticals.
Founded in 2008 by school friends Sagar Daryani and Binod Homagai, Wow! Momo has come a long way from its humble beginnings as a kiosk in Kolkata. Today, it boasts a sprawling presence of over 700 outlets across 70 Indian cities, with popular sub-brands like Wow! Momo, Wow! China, Wow! Chicken, and its latest entrant, Wow! Kulfi.
Speaking on the latest round, Sagar Daryani, Co-founder & CEO of Wow! Momo, said, “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences. It’s not just about growth anymore—it’s about deepening our impact.”
With plans to more than double its footprint to 1,500 outlets across 100 cities in the next three years, the company is also placing big bets on its FMCG play—aiming to scale that vertical to Rs 100 crore in revenue. The HORECA (Hotels, Restaurants, and Catering) division, too, is on the company’s radar for aggressive expansion.
According to startup intelligence platform TheKredible, Wow! Momo clocked Rs 470 crore in operational revenue in FY24, up from Rs 413 crore in FY23. However, losses remained steady at Rs 114 crore—underscoring the challenges that come with scaling a consumer brand in India’s fiercely competitive food space.
Despite the red ink, Wow! Momo’s journey stands out as a rare example of Indian entrepreneurship that has successfully built a scalable food business—without sacrificing vision or flavour. With new capital in hand and a clearly charted roadmap, the momo giant seems poised to script an even spicier growth story in the years ahead.
