Kolkata-based quick service restaurant (QSR) chain Wow! Momo Foods has raised ₹75 crore in fresh funding from veteran investor Madhusudan Kela, founder of Singularity Asset Management Company, as the company gears up for its next phase of expansion.
In a statement, Wow! Momo said the investment will support its growth plans and is part of an ongoing bridge funding round. The round has also seen participation from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, wealth management firm 360One, and Haldiram’s promoter Kamal Agarwal.
Media reports suggest that the company had earlier raised nearly ₹130–150 crore as part of the same bridge round, led by Khazanah Nasional Berhad and Kamal Agarwal of Haldiram Foods.
Founded in 2008 by classmates Sagar Daryani and Binod Homagai, Wow! Momo Foods currently operates more than 800 outlets across over 80 cities in India. The company now plans to expand its presence to over 100 cities and scale its network to more than 1,500 stores over the next two years.
“This investment is a strong validation of our long-term vision to build a large, enduring QSR company from India. Madhusudan Kela’s belief in our journey strengthens our conviction to scale faster, innovate deeper, and continue building a brand that Indians love and trust,” the founders said in a statement.
As part of its fundraising strategy, Wow! Momo Foods has appointed Avendus Capital as banker to advise on a larger funding round planned for next year.
The company operates four brands—Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. It closed FY25 with revenues exceeding ₹640 crore, marking a year-on-year growth of over 30%. The company also reported same-store sales growth of more than 40% during the year.
For the current financial year FY26, Wow! Momo Foods is targeting revenues of around ₹850 crore, driven by store expansion, brand diversification, and increased consumer demand in the QSR segment.
