Exclusive – Wow! Momo to raise Rs 110 Cr debt from Anicut Capital
- ByStartupStory | April 30, 2026
Quick-service restaurant chain Wow! Momo is set to raise Rs 110 crore ($11.6 million) in debt funding from Anicut Capital. This will be its first fundraise in 2026, after an additional Rs 75 crore ($8.4 million) infusion from Singularity AMC in December last year.
Last year, the company raised around Rs 300 crore across three funding rounds through a mix of equity and debt, including Rs 130–150 crore from the Haldiram promoter family and Khazanah Nasional.
The company’s board has approved the issuance of 1,100 non-convertible debentures (NCDs) with a face value of Rs 10 lakh each, aggregating Rs 110 crore, to be raised in three tranches, according to its filing with the Registrar of Companies (RoC).
The firm has already received the first tranche of Rs 60 crore. The remaining tranches will be completed within six months as per the debenture terms, the filing said.
The proceeds will be utilised for refinancing existing borrowings, for general corporate purposes, and for growth capital needs.
Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 850 outlets across more than 90 cities. Its brands include Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
As per its last funding round, the company was valued at around Rs 2,838 crore ($316 million) on a post-money basis.
The company has raised over $140 million prior to this funding. This includes a $42 million Series D round led by Khazanah Nasional in January 2024.
Wow! Momo’s revenue grew 13% to Rs 470 crore in FY24 from Rs 413 crore in FY23, while losses stayed around Rs 114 crore. While its FY25 results have not been filed yet, the company claims revenue rose over 30% to about Rs 640 crore and expects to reach Rs 850 crore in FY26. In a recent statement, the company said it aims to achieve Rs 1,200 crore in revenue by 2027.
The company has also expanded beyond its core QSR business. Its FMCG arm has crossed Rs 100 crore in revenue, and it plans to accelerate store expansion.
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