Wow! Momo, the popular quick-service restaurant (QSR) chain known for revolutionizing India’s momo culture, is back in the funding spotlight. The Kolkata-based startup is raising INR 150 crore in a bridge round led by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Kamal Agrawal of Haldiram’s. This fresh infusion comes ahead of its Series D round and signals continued investor confidence in India’s homegrown QSR brands.
The bridge round is structured with a mix of equity and debt, with the equity component led by Khazanah and Agrawal, and the debt portion coming through Northern Arc Capital. This marks Khazanah’s first investment in an Indian food and beverage startup. Wow! Momo’s post-funding valuation is likely to touch INR 2,100 crore, a step up from its previous INR 2,000 crore valuation after the OAKS Asset Management round.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates three brands: Wow! Momo, Wow! China, and Wow! Chicken. With over 630 outlets across 38 cities, the company is also pushing toward fast-moving consumer goods (FMCG) retail and cloud kitchens. The funds from this bridge round will help strengthen its tech backend, expand its FMCG vertical, and support new retail launches. This move also hints at a potential IPO in the next 24-36 months.
The QSR space in India has witnessed growing investor traction in recent years, and Wow! Momo’s ability to consistently raise capital and expand into new verticals shows the strength of its brand and business model. The Startups News sees this as another milestone for Indian startups striving to become category-defining food and beverage giants.
1. Wow! Momo Raises INR 150 Cr in Bridge Round
Wow! Momo is raising INR 150 crore in a bridge round before its Series D funding. Malaysia’s Khazanah Nasional and Haldiram’s Kamal Agrawal are leading this strategic investment. Northern Arc Capital is contributing through debt.
This funding round increases Wow! Momo’s valuation to approximately INR 2,100 crore. The company was last valued at INR 2,000 crore in 2023 after its Series C round led by OAKS Asset Management. This upward valuation reflects investor confidence in India’s QSR sector and Wow! Momo’s market positioning.
2. Khazanah Makes First India F&B Investment
This is Khazanah Nasional Berhad’s debut investment in the Indian food and beverage space. The sovereign fund’s backing indicates a growing global interest in India’s homegrown QSR startups.
The inclusion of Kamal Agrawal from Haldiram’s, one of India’s largest traditional snack brands, further boosts Wow! Momo’s credibility. His experience could offer operational insights as the company expands its retail and FMCG presence.
3. Wow! Momo’s Strategic Use of Capital
Wow! Momo plans to use the bridge funding to expand its FMCG vertical and cloud kitchen operations. It also aims to strengthen its technology stack to support future growth. The company’s goal is to launch retail products that reach households across India.
This strategic direction indicates a move beyond QSR into an omnichannel food business. The success of brands like ID Fresh and Paper Boat proves that Indian startups can thrive in both QSR and FMCG simultaneously.
4. From Momo Outlets to Supermarket Shelves
Wow! Momo has already launched ready-to-eat momos in select retail stores. The bridge round capital will likely accelerate the brand’s FMCG ambitions. These efforts are designed to diversify revenue and establish household recall.
CEO Sagar Daryani earlier revealed plans to list Wow! Momo on Indian stock exchanges in the next 24-36 months. Moving into FMCG strengthens that narrative by showing scalability across verticals.
5. Expansion Across 38 Cities and Beyond
Wow! Momo currently operates more than 630 outlets across 38 cities in India. The brand’s footprint continues to grow as it explores Tier-II and Tier-III locations. Its other verticals, Wow! China and Wow! Chicken, also help target new customer segments.
The funding boost could enable deeper penetration into emerging markets, enhanced delivery logistics, and more aggressive customer acquisition strategies.
6. Funding Timeline: A Consistent Growth Story
This isn’t Wow! Momo’s first funding milestone. The startup has raised capital from several marquee investors including Tiger Global, OAKS Asset Management, and Lighthouse Funds. In 2023, the company secured INR 350 crore in its Series C round.
Wow! Momo’s ability to maintain consistent funding momentum suggests strong unit economics and long-term investor trust.
7. A Growing Appetite for QSR Startups in India
India’s QSR ecosystem is expanding fast. Brands like Rebel Foods, Faasos, and Biryani by Kilo are raising millions to capture market share. Wow! Momo’s success shows that differentiated Indian-origin QSRs have a clear edge.
The pandemic pushed many toward food delivery. Wow! Momo capitalized by growing its cloud kitchen business alongside its dine-in model.
8. Learnings for Startups and Entrepreneurs
- Diversify early: Wow! Momo didn’t stop at momos. Its pivot into Chinese, chicken, and now FMCG gives it a multi-pronged business.
- Consistency matters: A steady pipeline of capital proves that stable execution builds trust over time.
- Strategic investors > big money: Getting Kamal Agrawal on board brings not just capital but category expertise.
- Tech isn’t just for SaaS: Even food startups need backend tech to scale, optimize logistics, and personalize customer journeys.
- Brand is everything: Wow! Momo made momos cool in India. Their branding shows how startups can redefine old categories.
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