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Wow! Momo raises $9 Mn more in Series D round

EntrackrEntrackr · 1y ago
Wow! Momo raises $9 Mn more in Series D round
Medial

Quick service restaurant chain Wow! Momo has raised Rs 70 crore (approximately $9 million) in an extended Series D round from Z3 Partners. With this, the firm has raised Rs 480 crore ($51 million) in Series D which includes Rs 270 crore primary and Rs 210 crore secondary. As per a media report, Indian Angel Network and Lighthouse Funds participated in the secondary purchase. Wow! Momo scooped up Rs 350 crore (approximately $42 million) in the first tranche of Series D round led by Khazanah Nasional Berhad in January this year. The company was valued at over $300 million as per startup data intelligence platform TheKredible. As per the company, the new proceeds will be used for growth and expansion of the quick service restaurant brand, strengthening the distribution and research and development for the FMCG arm. The firm entered the FMCG segment in July 2021. Launched by Sagar Daryani & Binod Homagai, 16-year-old Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China and Wow Chicken. The firm claims to have 630 outlets across 38 cities and directly employs 6,000 people. The company aims to expand with an additional 200 outlets during the ongoing fiscal year (FY25). Wow! Momo aims to reach a topline of Rs 650-700 crore this fiscal year (FY24), up from Rs 435 crore in FY23. While the firm is yet to file its financial statements for the last fiscal year (FY23), its revenue from operations grew two-fold to Rs 220 in FY22 from Rs 106 crore in FY21.

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

EntrackrEntrackr · 11h ago
Exclusive: Wow! Momo set to raise $8.5 Mn in ongoing round
Medial

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. This fresh investment comes three months after the company secured Rs 85 crore in debt funding from Stride Ventures, crossing Rs 650 crore in cumulative funding under its Series D round. 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, as shown by regulatory filings. 360 One will invest Rs 70 crore, while Kyrush Investments will put in Rs 4.99 crore. Wow! Momo is now valued at around $315-320 million post-money. The company plans to use the proceeds for capital expansion, working capital, and corporate purposes. 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 plans to expand its FMCG business to Rs 100 crore, grow its HORECA division, and scale to 1,500 stores across 100 cities in three years. According to TheKredible, Wow! Momo’s revenue grew 13% year-on-year to Rs 470 crore in FY24 from Rs 413 crore in FY23, maintaining steady losses at Rs 114 crore. The company is yet to reveal its FY25 numbers.

Wow! Momo raises Rs 130-150 Cr led by Haldiram’s Kamal Agrawal and Khazanah

EntrackrEntrackr · 5m ago
Wow! Momo raises Rs 130-150 Cr led by Haldiram’s Kamal Agrawal and Khazanah
Medial

Wow! Momo has reportedly raised Rs 130–150 crore in a bridge funding round led by Kamal Agrawal from the Haldiram promoter family and Malaysian fund Khazanah Nasional. Economic Times, which reported the development first, added that the funding is structured through convertible notes, with the valuation to be decided in the next round. According to the report, the Kolkata-based quick service restaurant chain is planning to raise $75–80 million (about Rs 600–700 crore) in its next funding round, expected to close in the October–December quarter of 2025. Wow! Momo has raised over Rs 600 crore to date including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Other investors in the current round include family offices and high-net-worth individuals. Agrawal was earlier linked to the Nagpur unit of Haldiram, which later merged with its Delhi counterpart. Wow! Momo operates under four brands: Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. It runs 680 outlets and plans to add 200–250 more by next year. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24. The company is also growing its FMCG business, with frozen momos generating Rs 5 crore in monthly sales, mainly through quick commerce platforms.

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures

EntrackrEntrackr · 3m ago
Wow! Momo raises Rs 85 Cr in debt from Stride Ventures
Medial

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures Quick-service restaurant chain Wow! Momo Foods has raised Rs 85 crore (around $10 million) in debt funding from Stride Ventures. The proceeds will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals. 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. “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo. The company 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 TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in FY24 from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24.

Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24

EntrackrEntrackr · 6m ago
Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24
Medial

Wow! Momo saw 14% growth in operating revenue in FY24, it fell far short of the 88% year-on-year surge recorded in FY23, indicating a slowdown in growth. However, the Tiger Global-backed firm managed to keep its losses stable, remaining flat for the fiscal year ending March 2024. Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company claims to have a network of 630 outlets across 35 cities and a workforce of 6,000 employees. Revenue from the sale of momos, food, and beverages contributed 97% of the total operating income, which grew by 11.5% to Rs 456 crore in FY24. The remaining revenue came from frozen momo sales. Wow! Momo also added Rs 9 crore from interest on deposits, bringing the overall revenue to Rs 479 crore in the last fiscal year. For the QSR firm, the cost of material procurement formed 26.6% of total expenditure, increasing 15.3% to Rs 158 crore in FY24 in line with revenue growth. Employee benefit expenses declined 27.7% to Rs 120 crore in the previous fiscal year. Expenses related to power/fuel, rent, advertising, commissions, finance costs, and other overheads contributed to a 11.9% rise in total expenditure, reaching Rs 593 crore in FY24. The 13.8% increase in scale, along with controlled expenses, helped Wow! Momo maintain steady losses at Rs 114 crore in FY24. Its ROCE and EBITDA margin stood at -8.33% and 7.93%, respectively, with an expense-to-revenue ratio of Rs 1.26. By the end of FY24, Wow! Momo's total current assets were recorded at Rs 250 crore, including Rs 175 crore in cash and bank balances. Wow! Momo has raised over Rs 600 crore to date, including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Treeline Investment. Wow! Momo is reportedly aiming for Rs 650 crore in revenue in FY25 with improved unit economics and has its sights set on going public in 2027.

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