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- Wow! Momo
Wow! Momo Revenue, Valuation, Funding & Investors
Wow! Momo is valued at $300M as of April 2024, a 5.6x multiple on its last reported $54M revenue.
Last Wow! Momo valuation
$300M
Series D · Apr 2024
Last Wow! Momo funding round
$8M
Undisclosed stage · Dec 2025
Wow! Momo revenue
$54M
Series D · Apr 2024
Key investors in Wow! Momo
IAN Group
Khazanah Nasional
Lighthouse Funds
V Ocean Investments
Oaksand India
ValueQuest Capital
About Wow! Momo
Wow! Momo is an India-based fast-food chain specializing in momos with over 650 outlets across 30 cities including Kolkata, Bangalore, and Mumbai. At wowmomo.com, it serves steamed, fried, and tandoori momos in vegetarian and non-veg fillings, plus MoBurgs, sizzlers, and chocolate variants in mall kiosks, food courts, and standalones. The brand collects customer data per privacy policy for personalized promotions and loyalty rewards.
Founded
2008
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$54M (Apr 2024)
Valuation
$300M (Apr 2024)
Sectors
Wow! Momo Valuation
Wow! Momo is currently valued at $300M, based on its Series D in April 2024.
The $8M round was led by Z3Partners.
Wow! Momo's valuation has grown 8.4x from $36M at its Series B in May 2017 to $300M in April 2024, across 6 priced rounds.
Wow! Momo valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Apr 2024 | Series D | $300M | 5.6x |
| Jan 2024 | Series D | $257M | 5.0x |
| Sep 2022 | Series D | $242M | 5.9x |
| Sep 2021 | Series C | $166M | 9.2x |
| Sep 2019 | Series B | $120M | 6.0x |
| May 2017 | Series B | $36M | 11.9x |
Wow! Momo Revenue
Wow! Momo's latest recorded revenue is $54M, as of its Series D in April 2024. At a $300M valuation, that implies a 5.6x revenue multiple.
Revenue grew from $3M in May 2017 to $54M in April 2024, while the revenue multiple moved from 11.9x to 5.6x.
Wow! Momo revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2024 | $54M | $300M | 5.6x | Series D |
| Jan 2024 | $51M | $257M | 5.0x | Series D |
| Sep 2022 | $41M | $242M | 5.9x | Series D |
| Sep 2021 | $18M | $166M | 9.2x | Series C |
| Sep 2019 | $20M | $120M | 6.0x | Series B |
| May 2017 | $3M | $36M | 11.9x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Wow! Momo Funding History
Wow! Momo has raised a total of $146M across 11 funding rounds.
Wow! Momo's first fundraising round was a $2M seed round in August 2015. The most recent completed round was a $8M undisclosed-stage round in December 2025.
Wow! Momo funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | Madhusudan Kela (lead) | $8M | - | Wow! Momo Foods is a Kolkata-based quick service restaurant chain founded in 2008 by Sagar Daryani and Binod Homagai, operating four brands—Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi—with over 800 outlets across more than 80 cities in India. The company has expanded into packaged products like ready-to-cook noodles and dim sums and aims to enter over 100 cities with a footprint of 1,500 stores in the next two years. On December 27, 2025, Wow! Momo raised Rs 75 crore (about $8.3-8.4 million) from Madhusudan Kela, founder of Singularity AMC, as part of its ongoing bridge funding round. Earlier participants in the bridge round included Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, 360 One, and Haldiram’s promoter Kamal Agarwal, with prior reports indicating Rs 130-150 crore raised. The funds will support expansion, product innovation, and path to profitability. The company has appointed Avendus as bankers for a larger round expected later in 2026 and is eyeing a $75-80 million raise by Q3 FY26, with an IPO targeted for 2027. Wow! Momo closed FY25 (financial year ended March 2025) with revenue of Rs 640 crore, reflecting over 30% year-on-year growth and over 40% same-store sales growth. It targets Rs 850 crore revenue in FY26. The company has raised a total of around $152-185 million across 14-17 rounds from investors including Tiger Global and Lighthouse. |
| Sep 2025 | Series D | 360 ONE Asset (lead); Kamal Agrawal; Kyrush Investments; Khazanah Nasional | $9M | - | Wow! Momo Foods is a Kolkata-based quick-service restaurant chain specializing in momos and operating multi-format brands including Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi across over 730 stores in 84 Indian cities. In September 2025, the company secured a bridge round investment from 360 ONE Asset to fuel expansion of its retail presence, strengthen its FMCG packaged foods segment like packed momos and cuppa noodles, and support innovation and talent investments. This follows earlier 2025 tranches in its ongoing Series D, including Rs 150 crore led by Haldiram’s Kamal Agrawal with Khazanah Nasional and 360 One, and an additional Rs 75 crore from Singularity AMC. For FY2024, Wow! Momo reported operating revenue of Rs 470 crore, up 13% from Rs 413 crore in FY23, with losses steady at Rs 114 crore. The company has raised over $140 million to date, including a $42 million Series D led by Khazanah in January 2024. A later Bridge - II round of $8.33 million occurred on December 27, 2025. |
| Apr 2024 | Series D | Z3Partners (lead) | $8M | $300M | Wow! Momo, a Delhi-based quick-service restaurant chain founded in 2008, operates three national brands: Wow! Momo, Wow! China, and Wow! Chicken, with over 630 outlets across 38 cities. The company has also expanded into the FMCG sector, manufacturing packaged food products alongside its restaurant operations. In April 2024, Wow! Momo raised Rs 70 crore from Z3Partners as an extension of its Series D funding round, valuing the company at Rs 2,600 crore. This investment followed a larger Rs 350 crore primary infusion from Malaysia's sovereign wealth fund Khazanah Nasional Berhad in January 2024. The company planned to use the capital to expand its QSR footprint, strengthen FMCG distribution, and invest in research and development. The company projected revenue of over Rs 500 crore for FY2023-24, demonstrating significant growth momentum in India's QSR landscape. Wow! Momo had raised approximately $103 million in total equity funding since its inception, backed by notable investors including Tiger Global Management and Tree Line. The company aimed to expand with an additional 200 outlets during FY2024-25 while pursuing geographic expansion into Southeast Asia and the Gulf Cooperation Council. |
| Jan 2024 | Series D | Khazanah Nasional (lead); OAKS Asset Management | $49M | $257M | Wow! Momo Foods is a Kolkata-based quick-service restaurant (QSR) chain operating multiple brands including Wow! Momo, Wow! China, and Wow! Chicken, alongside an FMCG arm selling frozen momos, cup noodles, and ready-to-eat products through quick commerce platforms. The company competes with established players like Rebel Foods, Curefoods, and EatClub in the restaurant and cloud kitchen segments. In January 2024, Wow! Momo raised Rs 350 crore (approximately $42 million) in primary capital from Malaysia's sovereign wealth fund Khazanah Nasional Berhad, alongside a secondary purchase from early-stage investors Indian Angel Network and Lighthouse Funds. Existing investor OAKS Asset Management contributed an additional Rs 60 crore, bringing total capital infusion in this round to Rs 410 crore. This round valued the company at Rs 2,400 crore. The company posted FY24 revenue of Rs 480 crore with a net loss of Rs 114 crore. The capital was designated for strengthening the QSR brand's distribution footprint, expanding research and development capabilities for the FMCG arm, and general business expansion. As of October 2024, the company anticipated FY25 revenue of Rs 650 crore and announced plans for an IPO in 2027, with the QSR chain then operating 680 outlets and planning to add 200–250 locations over the following 12–14 months. |
| Oct 2023 | Series D | ValueQuest Capital (lead); Oaksand India; V Ocean Investments | $9M | - | - |
| Sep 2022 | Series D | V Ocean Investments (lead); Oaksand India; ValueQuest Capital | $16M | $242M | Wow! Momo is a Kolkata-based quick service restaurant (QSR) chain founded in 2008 by Sagar Daryani and Binod Homagai. The company operates multiple QSR brands including Wow! Momo, Wow! China, and Wow! Chicken, with over 700 outlets across major Indian cities. In September 2022, Wow! Momo completed a Series D funding round that valued the company at $242 million post-money. The company achieved $40.8 million in revenue at the time of the round, translating to a 6.1x valuation-to-revenue multiple. The funding supported the company's expansion strategy across its multi-brand portfolio and strengthened its presence in the competitive QSR segment. By fiscal year 2024, Wow! Momo had grown its operating revenue to Rs 470 crore (approximately $56 million), demonstrating continued growth trajectory. |
| Sep 2021 | Series C | Tree Line Asia (lead); IAN Group; Lighthouse Funds | $15M | $166M | Wow! Momo is a Kolkata-headquartered quick-service restaurant chain operating brands Wow! Momo and Wow! China, with over 350 outlets across 17 cities in India as of 2021. The company raised over $15 million (Rs 110 crore) in its Series C funding round led by Tree Line Investment Management, with participation from existing investors Lighthouse Funds and Indian Angel Network. The transaction valued the company at over Rs 1,225 crore post-money, up from a pre-money valuation of Rs 860 crore. Funds were allocated to expand its new FMCG business, quick-service restaurants, cloud kitchens, and launch new verticals, with plans to open 150 additional stores. For fiscal year 2019-20, Wow! Momo reported net sales of Rs 164 crore, up from Rs 119 crore in 2018-19, though it recorded losses that year. The company had previously raised Rs 120 crore from Tiger Global in 2019, Rs 40 crore from Lighthouse Funds in 2017, and funding from Indian Angel Network in 2015. It grew its online delivery to 700,000 orders per month by August 2021 and entered the FMCG space with ready-to-eat momos. |
| Sep 2019 | Series B | Tiger Global (lead) | $23M | $120M | Wow! Momo Foods, a Kolkata-based quick-service restaurant chain specializing in momos and operating brands Wow! Momo and Wow! China, raised $23 million in a Series B round led by Tiger Global on September 18, 2019. The round valued the company at a post-money valuation of $120 million (Rs 860 crore), up over 186% from its prior Rs 300 crore valuation after a Rs 3 crore investment from Fabindia MD William Bissell in 2018. The funding included $3 million for a partial secondary exit to early investor Indian Angel Network (IAN), delivering a 7x return and 70% IRR on their 2015 Rs 10 crore investment; Lighthouse Funds remained invested. At the time, Wow! Momo operated 282 Wow! Momo outlets and 11 Wow! China outlets across 15 cities, adding 10 stores monthly and targeting over 120 new outlets by March 2020. The company reported a monthly revenue run rate exceeding Rs 15 crore and projected topline revenue of Rs 190 crore for FY20, with ambitions for Rs 1,000 crore annualized turnover and 1,000 stores in 4-5 years. It had maintained EBITDA positivity since inception, achieving double-digit EBITDA in Q1 of the current fiscal, and grown at a CAGR over 50% for the prior three years. Proceeds were earmarked for scaling operations, R&D, expanding consumer reach, entering cloud kitchens, launching packaged momo and sauce products, and pursuing an eventual IPO. Tiger Global partner Scott Shleifer highlighted the company's innovation and potential to lead India's QSR market. This marked Tiger Global's first QSR investment in India, positioning Wow! Momo among the highest-valued chains then. |
| Jun 2018 | Angel | William Bissell (lead) | $400K | - | - |
| May 2017 | Series B | Lighthouse Funds (lead); IAN Group | $7M | $36M | Wow! Momo is a Kolkata-headquartered branded momos chain that raised Rs 44 crore in Series B funding in 2017 led by Lighthouse Funds with participation from IAN Group. The post-money valuation was Rs 230 crore. Funds were allocated for expansion and backend infrastructure development, aiming to build India's version of McDonald's with over 1,000 stores planned nationwide and a potential IPO in six to seven years. The round enabled exits for some IAN investors from their 2015 investment at Rs 100 crore valuation, delivering IRRs over 50% and returns up to 106% in under 18 months. Wow! Momo reported net sales of Rs 31 crore in FY2016, with monthly turnover exceeding Rs 5.5 crore around the funding time. The company sustained positive cash flows in scaled geographies. Lighthouse Funds, known for investments in Fabindia and Bikaji Foods, viewed Wow! Momo as a strong play in India's fast-growing food services sector. |
| Aug 2015 | Seed | Ashvin Chadha; IAN Group; Ajai Chowdhry; Raman Roy; Sanjeev Bikhchandani; Nitin Singhal; Kris Gopalakrishnan; Anand Ladsariya | $2M | - | - |
Who has invested in Wow! Momo?
22 investors have backed Wow! Momo across its funding rounds, including IAN Group, Khazanah Nasional, Lighthouse Funds, V Ocean Investments, Oaksand India and ValueQuest Capital.
Lead investors include Madhusudan Kela, 360 ONE Asset, Z3Partners, Khazanah Nasional, ValueQuest Capital and 5 other investors.
Wow! Momo Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Aug 2015 | ||
| -- | 2 | Participant | Sep 2022 | |
| 2 | Lead | May 2017 | ||
| 2 | Lead | Sep 2022 | ||
| 2 | Lead | Sep 2022 | ||
| 2 | Lead | Jan 2024 | ||
| 1 | Participant | Aug 2015 | ||
| 1 | Participant | Sep 2025 | ||
| 1 | Lead | Dec 2025 | ||
| -- | 1 | Participant | Sep 2025 | |
| 1 | Participant | Aug 2015 | ||
| 1 | Lead | Jun 2018 | ||
| 1 | Lead | Sep 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialWow! Momo Competitors
Wow! Momo competitors include listed companies like Sphera Franchise Group and Famous Brands, and private ones like Oath Craft Pizza, Panda Selected, Hawaiian Bros Island Grill and Momo Dim Sum Bureau.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $300M | - | ||
| Private | - | - | $300M | - | ||
| Private | $100M | - | $306M | 3.1x | ||
| Publicly listed | $345M | $49M | $291M | 1.1x | ||
| Private | - | - | $290M | - | ||
| Publicly listed | $538M | $71M | $313M | 0.7x |
Wow! Momo Public Comps
Wow! Momo is still privately-owned, but its public comps include Sphera Franchise Group, Famous Brands, Rex Concepts, Spice Lounge Food Works, Alamar Foods, Portillo's, Pizza Pizza, Nordrest Holding, Jack In The Box and Herfy.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $345M | $49M | 1.1x | 1.1x | 7.9x | 7.9x | |||
| $538M | $71M | 0.7x | 0.7x | 5.3x | 5.1x | |||
| $157M | $10M | 2.5x | - | 37.5x | - | |||
| $17M | $1M | 17.6x | - | 196.6x | - | |||
| $252M | $47M | 1.3x | 1.2x | 7.1x | 6.6x | |||
| $732M | $76M | 1.3x | 1.3x | 12.8x | 10.2x | |||
| $29M | $29M | 10.3x | 0.7x | 10.5x | 10.7x | |||
| $260M | $34M | 1.3x | 1.1x | 10.0x | 8.8x | |||
This data is available for Pro users. Sign up to see all Wow! Momo competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Wow! Momo
| When was Wow! Momo founded? | Wow! Momo was founded in 2008. |
| Where is Wow! Momo headquartered? | Wow! Momo is headquartered in Kolkata, India. |
| Is Wow! Momo publicly listed? | No, Wow! Momo is a private, VC-backed company. |
| What is Wow! Momo's valuation? | Wow! Momo was last valued at $300M in its Series D in April 2024. |
| How much funding has Wow! Momo raised? | Wow! Momo has raised $146M across 11 funding rounds. |
| What was Wow! Momo's last funding round? | Wow! Momo's last funding round was a $8M undisclosed-stage round in December 2025, led by Madhusudan Kela. |
| Who are Wow! Momo's investors? | Wow! Momo's investors include IAN Group, Oaksand India, Lighthouse Funds, V Ocean Investments, ValueQuest Capital, Khazanah Nasional, Ashvin Chadha, Kamal Agrawal, Madhusudan Kela, Kyrush Investments and 12 others. |
| What is Wow! Momo's revenue? | Wow! Momo's latest recorded revenue is $54M (April 2024). |
| What is Wow! Momo's revenue multiple? | Wow! Momo's latest valuation implies a 5.6x revenue multiple ($300M valuation on $54M of revenue). |
| Which companies are comparable to Wow! Momo? | Companies comparable to Wow! Momo include Oath Craft Pizza, Panda Selected, Hawaiian Bros Island Grill, Sphera Franchise Group, Momo Dim Sum Bureau and Famous Brands. |
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