Restaurant India News: Wow! Momo to Raise Rs 75 Cr from Singularity AMC

Quick service restaurant chain Wow! Momo is set to raise an additional ₹75 crore ($8.4 million) in its ongoing Series D funding round from Singularity AMC. This will be the company’s third fundraise in 2025, after raising ₹150 crore earlier this year led by Haldiram’s Kamal Agrawal, along with Khazanah and 360 One.

According to filings with the Registrar of Companies (RoC), Wow! Momo’s board has approved the issue of 7,838 Series D6 compulsorily convertible preference shares (CCPS) at ₹95,699 each to raise the funds.

With this round, the company is expected to be valued at around ₹2,838 crore ($316 million) post-money. The funds will be used for expansion, working capital needs and general corporate purposes.

Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets across 17 cities. Its portfolio includes brands such as Wow! Momo, Wow! China, Wow! Chicken and Wow! Kulfi.

As per startup data platforms, Wow! Momo has raised over $140 million so far, including a $42 million Series D round led by Khazanah in January 2024. After this tranche, Singularity AMC will hold a 2.64% stake in the company. In FY24, Wow! Momo reported a 13% year-on-year rise in operating revenue to ₹470 crore, compared to ₹413 crore in the previous year, while losses remained largely unchanged at ₹114 crore. The company is yet to announce its FY25 results.