Quick-service restaurant chain Wow! Momo is set to raise Rs 110 crore in debt funding from Anicut Capital, marking its first fundraise in 2026. The development follows an additional Rs 75 crore infusion from Singularity AMC in December last year, as the company continues to strengthen its capital base.
The company’s board has approved the issuance of 1,100 non-convertible debentures with a face value of Rs 10 lakh each, aggregating Rs 110 crore. The fundraising will be completed in three tranches, with the company having already received the first tranche of Rs 60 crore. The remaining tranches are expected to be closed within six months.
The proceeds from the fundraise will be used for refinancing existing borrowings, supporting general corporate requirements, and funding growth initiatives. The move comes after a series of capital raises in the previous year, when Wow! Momo secured around Rs 300 crore across three rounds through a mix of equity and debt. This included Rs 130 to 150 crore from the Haldiram promoter family and Khazanah Nasional.
Founded in 2008 by Sagar Daryani and Binod Homagai, the company currently operates more than 850 outlets across over 90 cities in India. Its portfolio includes brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
As per its last funding round, the company was valued at around Rs 2,838 crore on a post-money basis. Overall, Wow! Momo has raised more than 140 million dollars to date, including a 42 million dollar Series D round led by Khazanah Nasional in January 2024.
On the financial front, the company reported revenue of Rs 470 crore in FY24, up 13 percent from Rs 413 crore in FY23, while losses remained at around Rs 114 crore. Although FY25 results are yet to be filed, the company has indicated that revenue grew by over 30 percent to approximately Rs 640 crore and is projected to reach Rs 850 crore in FY26. It has also outlined a longer-term target of achieving Rs 1,200 crore in revenue by 2027.
In addition to its core QSR business, the company has expanded into the FMCG segment, where it has crossed Rs 100 crore in revenue. It is also planning to accelerate store expansion as part of its growth strategy.