Quick-service restaurant chain Wow! Momo Foods has raised $10 million in debt funding from Stride Ventures. The fresh capital will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals.
“Stride Ventures’ support marks a pivotal moment in our journey of redefining Indian QSR. With their partnership, we aim to scale new heights, introduce new formats, and continue building brands that India can be proud of,” said Sagar Daryani, CEO and cofounder of Wow! Momo.
Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The firm had secured $51 million in Series D from various investors in April this year.
Speaking about the investment, Apoorva Sharma, Managing Partner, Stride Ventures, said, "Wow! Momo is a reflection of India's evolving consumer story. Their passion for innovation and scale makes them a standout player in the food services sector. We are proud to support their journey as they continue to bring their culinary creations to every corner of the country."
The group is planning to scale-up its FMCG vertical to ₹100 crores and ramp up the newly launched HORECA arm this year. Wow! Momo, along with its other brands, aims to enter more than 100 cities and look at a footprint of over 1,500 stores in the next three years.
So far, Stride Ventures has invested in more than 180 companies, including over 17 unicorns across diverse sectors. The company has committed over $1 billion in venture debt and private credit for start-ups.
