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

Wow! Momo, a quick service restaurant chain, is set to secure Rs 75 crore (approximately $8.5 million) as part of its ongoing Series D funding round, primarily led by 360 ONE and supported by Kyrush Investments. This funding comes on the heels of a recent Rs 85 crore debt funding from Stride Ventures, pushing the total Series D funding above Rs 650 crore. According to regulatory filings, the new capital will be raised through the issuance of 7,837 Series D6 CCPS at Rs 95,699 per share. Upon completion, 360 ONE will acquire a 2.53% stake and Kyrush Investments 0.18%. Wow! Momo’s post-money valuation is estimated between $315 million and $320 million. The raised funds are earmarked for capital expansion, working capital, and broader corporate purposes. Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo now operates 700-plus outlets across 70 cities and owns brands like Wow! China, Wow! Chicken, and Wow! Kulfi. The company plans an aggressive expansion of its FMCG vertical, targeting Rs 100 crore in sales, growing its HORECA division, and a network increase to 1,500 stores in 100 cities within three years. According to TheKredible, revenue surged 13% year-on-year to Rs 470 crore in FY24, while losses remained unchanged at Rs 114 crore, marking steady but loss-heavy growth. The FY25 financials are yet to be disclosed, but the company appears poised for aggressive scaling and market penetration. Investors seem confident about its growth trajectory in spite of operating losses, highlighting strong sector momentum and ambitious strategic plans.