Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round

Quick service restaurant chain Wow! Momo is raising Rs 75 crore (approximately $8.5 million) in its ongoing Series D round led by 360 ONE with the participation of Kyrush Investments.

The fresh investment came in just three months after the company secured Rs 85 crore in debt funding from Stride Ventures.  With this, Wow! Momo’s cumulative funding under its Series D round has crossed Rs 650 crore.

The board at Wow! Momo has passed a resolution to issue 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share to raise Rs 75 crore, the company’s regulatory filings sourced from the Registrar of Companies (RoC) show.

360 One will invest Rs 70 crore in this round, while Kyrush Investments will put in the remaining Rs 4.99 crore. According to Entrackr’s estimates, the company has been valued at around Rs $315-320 million post-money.

The company will use these proceeds for capital expansion, working capital requirements, and general corporate purposes. As per the company’s filing, 360 One Portfolio will hold a 2.53% stake, while Kyrush Investments will own 0.18%

Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The company also plans to scale its FMCG business to Rs 100 crore, grow its HORECA division, and expand to 1,500 stores across 100 cities in the next three years.

As per the startup data intelligence platform TheKredible, Wow! Momo’s revenue from operations grew 13% year-on-year to Rs 470 crore in FY24 from Rs 413 crore in FY23. At the same time, it maintained steady losses at Rs 114 crore in FY24. The company is yet to reveal its FY25 numbers.