Wow! Momo Foods Pvt. Ltd., the Kolkata-based quick service restaurant (QSR) chain, has raised ₹85 crore in venture debt from Stride Ventures as it prepares for its next phase of expansion across India. The funding will primarily be used to refinance existing debt and support the company’s ambitious plans to scale its retail presence, enhance its omnichannel offerings, and strengthen its packaged food vertical.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo has grown from a single kiosk to a multi-brand QSR leader, operating over 700 outlets in more than 70 cities. Its brand portfolio includes Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company now aims to expand to over 100 cities and reach more than 1,500 outlets over the next three years, backed by a strategy that blends dine-in, delivery, retail, and HORECA (hotels, restaurants, and catering) channels.
Stride Ventures, which has invested in over 180 startups globally, sees Wow! Momo as a high-potential brand driven by strong unit economics and a deep understanding of Indian consumer preferences. Apoorva Sharma, Managing Partner at Stride Ventures, said the investment aligns with their philosophy of backing scalable businesses that lead their categories.
Sagar Daryani, Co-founder and CEO of Wow! Momo, called the partnership a landmark moment, adding that the funding would support the company’s next chapter of growth, innovation, and deeper consumer engagement.
In FY24, Wow! Momo reported ₹470 crore in operating revenue, up from ₹413 crore in FY23. Despite reporting losses of ₹114 crore, the brand remains optimistic about its growth trajectory, aiming to grow its FMCG vertical to ₹100 crore and expand its HORECA presence across India.
This round further strengthens Wow! Momo’s financial position as it gears up to widen its footprint, develop new formats, and deliver on its vision of becoming India’s largest homegrown QSR chain.