India’s largest Chinese food chain Wow! Momo is said to have raised INR 85 Cr (USD 10 Mn). The recent round came as debt from Stride Ventures, even as the company was expecting to raise equity to the tune of INR 600 Cr by end-2025.
In April 2025, the company had raised its last round of equity (as convertible shares) to the tune of INR 130-150 Cr in a bridge round from Kamal Agarwal of Nagpur-based Haldiram promoter family and Malaysian sovereign wealth fund, Khazanah Nasional.
The Kolkata-based QSR chain operates four brands – Wow! Momo, Wow! China – Asian cuisine restaurant, Wow! Chicken, which serves fried chicken (similar to KFC) and Wow! Kulfi, that offers traditional desserts.
The company was founded in 2008 by Sagar Daryani, Shah Miftaur Rahaman and Binod Homagai as a Momo Kiosk in Kolkata and has gone to become the largest Momo chain in India in its category, operating 630 outlets in 35 cities.
The company has raised INR 1,300 Cr till date (USD 152 Mn) from various Investors.
Editor’s Note
Wow! Momo is currently valued at INR 2,440 Cr. (USD 285 Mn), with annual revenues of INR 470 Cr for FY 2024 & a staggering Net Loss of INR 114 Cr for the same period.
The company is planning to file for an IPO and go public by 2027, with the founders still owning 38% of the company.
With the funding in the QSR segment dimming in 2025, start-ups are finding it extremely difficult to raise equity funds, given that the dream to profitability is only getting longer!