Wow! Momo Foods has raised Rs 85 crore in debt from Stride Ventures to support the company’s expansion across formats.
Sagar Daryani-led Wow! Momo Foods plans to boost its omnichannel strategy across the dine-in, delivery, and FMCG verticals. This is expected to build its homegrown brands Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
The company is also looking to scale its FMCG vertical to Rs 100 crore and expand its HoReCa (hotels, restaurant and catering) arm this year.
“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, Co-founder and CEO of Wow! Momo, in a statement.
The company currently operates over 700 self-owned stores across 70+ cities. Wow! Momo, together with Wow! China, Wow! Chicken Wow! Kulfi aims to enter more than 100 cities and expand its footprint to over 1,500 stores in the next three years.
The focus on omnichannel expansion and adding more storefronts comes at a time when the food delivery market is reeling from a consumption slowdown. Restaurants are also struggling due to heavy commissions and advertising costs associated with food aggregation platforms.
Wow! Momo last raised $49 million from Malaysia’s sovereign wealth fund Khazanah Nasional Berhad in January last year. The investment included a primary infusion and secondary purchase from early-stage investors Indian Angel Network and Lighthouse Funds.
Feature image: Sagar Daryani, Co-founder and CEO of Wow! Momo
Edited by Swetha Kannan
