Wow! Momo Foods, a quick-service restaurant (QSR) chain, has borrowed INR 85 crore (about $9.9 million) from Stride Ventures to help grow its business.
Wow! Momo, along with its brands. Wow! China, Wow! Chicken, and Wow! Kulfi aims to establish a robust network of Indian brands in the quick-service restaurant (QSR) sector.
Stride Ventures’ INR 85 crore debt investment is a key step in helping Wow! Momo grows its dine-in, delivery, and FMCG businesses.
The company runs over 700 stores in more than 70 cities, with strong same-store sales growth that matches top global standards.
“Wow! Momo is a popular and unique brand that people love. It has a robust business model and consistently generates steady profits. The company plans to grow its FMCG (fast-moving consumer goods) division to ₹100 crore and expand its new HORECA (hotel, restaurant, café) business this year.
Additionally, Momo utilises an innovative combination of dine-in, delivery, and FMCG to reach a broader customer base. This strategy helps the brand grow and stay ahead in the market.”
Apoorva Sharma, Managing Partner, Stride Ventures said, “Wow! Momo is a reflection of India’s evolving consumer story. Their passion for innovation and scale makes them a standout player in the food services sector. We are proud to support their journey as they continue to bring their culinary creations to every corner of the country.”
Sagar Daryani, Co-founder and CEO of Wow! Momo added, “Stride Ventures’ support marks a pivotal moment in our journey of redefining Indian QSR. With their partnership, we aim to scale new heights, introduce new formats, and continue building brands that India can be proud of.”
Founded by Binod Kumar Homagai, Sagar Daryani and Shah Miftaur Rahman in 2008, Wow! Momo is a fast-food chain with over 630 outlets in more than 35 cities. It competes with brands like Rebel Foods and Curefoods and plans to expand to 100 more cities in the next three years.
In FY24, its net loss was INR 114.4 Cr, slightly higher than the INR 113.8 Cr loss in FY23. However, its revenue grew by 13.83% to INR 470 Cr, up from INR 412.9 Cr the previous year.
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