Homegrown foodservice brand Wow! Momo is expanding beyond its quick-service restaurant (QSR) business, with a growing focus on building its FMCG vertical as a long-term growth driver.
Co-founder and CEO Sagar Daryani said the company expects its packaged foods business to eventually surpass QSR revenues within the next decade, reflecting its increasing emphasis on the segment.
The FMCG division has already achieved a ₹100 crore annual run rate (ARR) in under three years and is contributing around ₹75 crore in FY26, accounting for about 10% of total revenues. On a run-rate basis, the segment is generating close to ₹10 crore in monthly revenue and growing at 100% year-on-year, compared to 25–30% growth in the QSR business.
The company’s FMCG strategy focuses on extending its QSR offerings into ready-to-eat and ready-to-cook formats. Its portfolio includes 12–15 SKUs in frozen momos, 5–7 SKUs in cup noodles, 5 SKUs in packaged noodles, and frozen shredded coconut. Cup noodles have emerged as a key category, generating ₹2.5–3 crore in monthly sales, while its Korean-inspired pouch noodles have seen strong demand, with frequent stockouts across channels.
Distribution has been driven by quick commerce platforms and modern retail, with products available across major platforms and large-format retail chains such as Reliance Retail and DMart. The company has also started piloting general trade in select markets like Karnataka as it expands into traditional retail channels.
On the manufacturing front, Wow! Momo has built capacity to support its FMCG ambitions, with facilities currently operating at around 60% utilisation. This allows the business to scale up to ₹200 crore in revenue without additional capital expenditure, with expectations of achieving EBITDA profitability at that level.
The QSR business continues to expand, with 200 outlets added in the last financial year, taking the brand’s presence to 90 cities. The company plans to scale to more than 200 cities over the next three years and eventually reach 600 towns. Within its portfolio, Wow! Momo is nearing a ₹500 crore business, while Wow! China has reached ₹200 crore. The company is also expanding its Wow! Chicken brand, focusing on South and East India.
Wow! Momo expects to close FY26 with revenues of ₹835–840 crore and is targeting ₹1,100–1,200 crore in FY27. The FMCG segment’s contribution is projected to increase to around 15% over the next two to three years.
The company is in discussions to raise ₹200–400 crore through a mix of primary and secondary funding, with proceeds expected to be used for expansion and working capital requirements.