Wow! Momo to Open First Sri Lanka Outlet by Year-End, Followed by UAE and US Expansion

Wow! Momo Foods, one of India’s largest homegrown food and quick-service restaurant (QSR) companies, is reportedly exploring a ₹300 crore fundraise ahead of a planned initial public offering (IPO) in 2028. 

The company is simultaneously accelerating its international expansion, with Sri Lanka set to become the first overseas market for its QSR business.

The company’s QSR operations in Sri Lanka are expected to commence by the end of 2026, marking a significant step in its international growth strategy. The expansion is being undertaken in partnership with Softlogic Corporation, a diversified Sri Lankan conglomerate with interests across healthcare, insurance, hospitality and retail, which will serve as the master franchisee.

The initial launch will feature three outlets in Colombo across distinct formats: Wow! Momo Asia, the brand’s new-format flagship store at One Galle Face Mall; a food court outlet at Havelock City Mall; and a standalone restaurant at Arcade Independence Square, a heritage property in the city. The company plans to expand its Sri Lankan network to 20 outlets within the first two years.

“Going global is not about assuming that what works here will automatically work everywhere. It is about listening, learning and adapting. Sri Lanka is our first real opportunity to do that with our QSR business. We want to take what is distinctly Wow! while remaining open to what every new market can teach us,” said Sagar Daryani, Co-Founder and CEO, Wow! Momo Foods Pvt. Ltd.

Following Sri Lanka, the company is evaluating the UAE as its next international market, with Dubai, Abu Dhabi and Sharjah identified as potential entry points. It is in discussions with prospective partners and exploring both joint venture and master franchisee models. The United States is also part of its longer-term QSR expansion plans, with entry being considered after the next two years.

Alongside its restaurant business, Wow! FMCG is expanding its international presence through retail and e-commerce partnerships. Having taken its products to 14 countries, the business has identified the United States, Malaysia, Australia, Thailand and Canada as priority markets for the next 12 months.

The FMCG business has entered into a strategic partnership with LuLu Group International to expand across Middle Eastern markets and other key retail channels. It has also partnered with Noon and Amazon Middle East across e-commerce and modern trade, while Mustafa Centre in Singapore carries its FMCG range. Its products are additionally being used by international restaurants, cafés, catering businesses and commercial kitchens.

“Our FMCG journey has been built market by market, with a strong focus on understanding local consumer behaviour, building the right distribution partnerships and creating a portfolio that can scale across diverse markets,” said Mithun Appaiah, CEO, Wow! Sales Pvt. Ltd.

The company is also in discussions with large global retail chains to deepen its international distribution. Its FMCG business is currently centred entirely on branded retail, with a strategy focused on building an Indian food brand that can adapt to different cultures, markets and consumer occasions.

Founded in 2008, Wow! Momo Foods Pvt. Ltd. operates more than 900 stores across over 100 cities in India. As it prepares for its next phase of growth, the company is pursuing a two-pronged strategy: expanding its restaurant formats into international markets while building a wider global distribution network for its FMCG portfolio.