Quick-service restaurant (QSR) chain Wow! Momo is preparing to raise Rs 185 crore (around $20 million) through a debt round backed by InCred Credit Opportunities, RevX Capital Fund, and Anicut Capital. This will mark the company’s second debt financing this year.
In April, Wow! Momo had already secured Rs 110 crore in debt from Anicut Capital, a development first reported by Entrackr.
According to regulatory filings with the Registrar of Companies (RoC), the company’s board has approved the issuance of 18,500 non-convertible debentures (NCDs) to facilitate the fundraise.
The filings show that InCred Credit Opportunities will invest Rs 125 crore, making it the largest lender in the round. RevX Capital Fund will provide Rs 40 crore, while Anicut Capital will contribute Rs 20 crore, taking the total debt raise to Rs 185 crore.
Wow! Momo plans to use the fresh capital to refinance existing debt, support general corporate operations, and finance its expansion initiatives.
Founded in 2008 by Sagar Daryani and Binod Homagai, the company has expanded its presence to more than 850 outlets across over 90 cities. Its brand portfolio includes Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
Following its most recent equity funding round, the company commanded a post-money valuation of approximately Rs 2,838 crore ($316 million).
Before this debt raise, Wow! Momo had secured more than $140 million in funding, including a $42 million Series D round led by Khazanah Nasional in January 2024.
Revenue Climbs as Wow! Momo Targets Rs 1,200 Cr by 2027
The company has not yet filed its financial statements for FY25 or FY26. In FY24, it posted revenue of Rs 470 crore while reporting a loss of around Rs 114 crore. According to the company, revenue increased to more than Rs 640 crore in FY25 and reached Rs 850 crore in FY26. It now aims to achieve Rs 1,200 crore in revenue by 2027.
