Wow! Momo Raises $42 Million in Series D Led by Khazanah

Indian quick-service restaurant (QSR) chain Wow! Momo has secured INR 350 crore (about $42 million) in its Series D round led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia

Existing investor Oaks Asset Management also participated with an investment of INR 60 crore. The funding, which includes primary infusion and secondary purchase, will facilitate the growth and expansion of Wow! Momo. The capital will also be utilized to strengthen distribution, support research and development for the FMCG arm, and enable partial exits of early-stage investors, including Indian Angel Network and Lighthouse Funds. Wow! Momo operates three QSR brands—Wow Momo, Wow China, and Wow Chicken—across 35 cities with 630 outlets.

The startup initiated its Series D round in September 2022, raising $16 million, and added another $9 million in October. In total, the Series D round has seen investments of $25 million from investors such as ValueQuest Capital, V’ocean Investment, and Oaksand India. The funding is expected to contribute to Wow! Momo’s goal of achieving a topline of INR 650-700 crore in the fiscal year 2024, up from INR 435 crore in FY23.

Wow! Momo, founded in 2008 by Sagar Daryani and Binod Homagai, plans to use the capital to support its expansion efforts and research and development initiatives. Tiger Global, which led the company’s Series B round in 2019, did not participate in the Series C and Series D rounds.