A chain of quick-service restaurants Wow! Momo Foods has secured debt funding from Stride Ventures totalling Rs 85 crore, or approximately $10 million.
Including Rs 270 crore primary and Rs 210 crore secondary, the company closed Rs 480 crore ($51 million) in Series D in April of this year.
In addition to promoting growth throughout its QSR and FMCG verticals, the proceeds will be utilized to refinance current loans.
Sagar Daryani and Binod Homagai launched Wow! Momo in 2008. With over 700 locations across 70 cities, Momo is the owner of brands like Wow! China, Wow! Chicken, and Wow! Kulfi.
“This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo.
In the next three years, the company intends to grow its HORECA division, scale its FMCG business to Rs 100 crore, and open 1,500 stores in 100 cities.
