Team Startupcity

• Wow! Momo secures fresh funding from Stride Ventures to fuel expansion across dine-in, delivery, FMCG, and HORECA segments.
• The QSR chain aims to scale to 1,500 stores in 100+ cities over the next three years.
• Company targets Rs 100 Cr FMCG revenue and strengthens its presence amid market headwinds.

Wow! Momo Foods has secured Rs 85 crore in debt funding from Stride Ventures as the Kolkata quick-service restaurant chain scales up its omnichannel growth plan and ventures into new categories in the backdrop of a conservative consumer spending cycle.

The fresh injection of capital will be used to scale up Wow! Momo's core dine-in and delivery business, besides taking the recently introduced verticals in FMCG and HORECA upscale.

Popular for its anchor brand Wow! Momo, along with newer players such as Wow! China, Wow! Chicken, and Wow! Kulfi, the company is planning to deepen its urban presence. With a vision of having presence in more than 100 cities and covering 1,500 stores in the next three years, the brand is going all out for geographic growth. It currently operates 700+ self-owned stores in 70+ cities and boasts industry-leading same-store sales growth – a critical performance metric that is reflected in the standard of global QSR majors.

In spite of headwinds in India's food delivery segment, such as slowing demand and increasing aggregator commissions, Wow! Momo stays committed to store-level profitability, high brand recall, and customer retention to drive its growth.

“Wow! Momo exemplifies India’s evolving consumption story. Their relentless innovation and growth ambition make them a key player in the food service space. We’re proud to partner with them on their journey to take their culinary vision nationwide,” said Apoorva Sharma, Managing Partner at Stride Ventures.

Commenting on the funding, Sagar Daryani, CEO and co-founder of Wow! Momo, said, “This partnership with Stride Ventures marks an important chapter in our mission to redefine India’s QSR landscape. With their backing, we’re poised to scale new business formats and build iconic brands that resonate across India.”

As part of its omnichannel strategy, the firm is establishing a strong FMCG business, seeking to breach Rs 100 crore in revenue while stepping up its recently introduced HORECA vertical to cater to institutional customers.

This is Wow! Momo's first significant capital infusion since January 2024, when it raised $49 million in a combination of primary and secondary investment from Malaysia sovereign wealth fund Khazanah Nasional Berhad. That deal also included early investors such as Indian Angel Network and Lighthouse Funds selling their stakes in the company.