Quick-service restaurant (QSR) chain Wow! Momo Foods has secured $10 million in debt funding from Stride Ventures, as the company looks to refinance existing loans and accelerate growth across its QSR, FMCG, and HORECA verticals.
“This support from Stride Ventures 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 Co-founder, Wow! Momo.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods has rapidly grown into a diversified food services company, operating over 700 outlets across 70 cities under brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The latest debt infusion follows a $51 million Series D equity round raised in April this year from various investors.
Commenting on 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 company is charting an ambitious expansion plan, with targets to scale its FMCG vertical to Rs. 100 crore, aggressively ramp up its recently launched HORECA arm, and expand its footprint to over 1,500 stores across 100+ cities in the next three years.
Stride Ventures, a leading venture debt fund, has so far backed over 180 companies, including 17 unicorns, and has committed more than $1 billion in venture debt and private credit across sectors.
