Quick service restaurant (QSR) chain Wow! Momo has secured a bridge funding round of ₹130–150 crore, led by Malaysia’s sovereign wealth fund Khazanah Nasional and Kamal Agrawal, a member of the Haldiram promoter family. The round is being raised via convertible notes, with the valuation to be determined in the company’s next equity raise.
Sources familiar with the development said Wow! Momo has appointed investment bankers to manage a larger $75–80 million (₹600–700 crore) funding round slated for closure between October and December 2025.
This bridge round marks the return of key investors. Khazanah had previously led a ₹350 crore round in January 2024, valuing the Kolkata-based company at ₹2,400 crore.
Alongside Khazanah and Agrawal, multiple family offices and high-net-worth individuals (HNIs) are expected to participate in the ongoing round.
Agrawal, formerly associated with the Nagpur faction of Haldiram, which has now merged with the Delhi arm, brings significant strategic value. The merged entity, Haldiram Snacks Food Pvt Ltd, recently raised funds from Alpha Wave Global, IHC, and Singapore’s Temasek in a deal that valued it at nearly $10 billion (₹86,000 crore).
Wow! Momo, founded in Kolkata, currently operates 680 outlets under its four brands—Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. It plans to add another 200–250 outlets over the next 12–14 months.
The company reported FY25 revenues of ₹630–640 crore, marking 30% year-on-year growth from ₹480 crore in FY24. Despite strong topline performance, the company posted a net loss of ₹114 crore in FY24.
Wow! Momo is also aggressively expanding into the FMCG segment, launching frozen momos, biryani, and cup noodles via quick commerce and modern trade platforms. Founder Sagar Daryani recently said the company currently generates ₹5 crore in monthly frozen product sales, with over half from quick commerce. “We expect this vertical to grow to ₹75 crore in the next financial year,” he said.
This strategic move comes at a time when leading food delivery platforms like Zomato and Swiggy are grappling with slowing growth, pushing QSR brands like Wow! Momo to diversify through retail and packaged offerings.
The new funding is expected to fuel Wow! Momo’s omnichannel ambitions, combining QSR expansion with its fast-growing packaged food business.