Wow! Momo Raises Rs 150 Crore in Bridge Round Led by Khazanah and Haldiram Promoter Kamal Agrawal

Kolkata-based quick service restaurant (QSR) chain Wow! Momo has raised Rs 130–150 crore in a bridge funding round, led by Malaysian sovereign wealth fund Khazanah Nasional and Kamal Agrawal, a member of the promoter family behind India’s iconic snack brand Haldiram.

According to sources familiar with the development, this interim funding round has been structured through convertible notes, with the company’s final valuation to be determined during its upcoming primary funding round. Investment bankers have already been appointed to manage the next phase of capital raising.

Wow! Momo is eyeing a larger funding round of $75–80 million (Rs 600–700 crore), expected to close in the October to December quarter of 2025. This follows the company’s previous raise of Rs 350 crore in January 2024, also led by Khazanah, which pegged Wow! Momo’s valuation at Rs 2,400 crore at the time.

The current bridge round is also expected to attract interest from high-net-worth individuals (HNIs) and family offices, further strengthening Wow! Momo’s investor base.

Kamal Agrawal, known for his previous role in the Nagpur-based Haldiram group (which has since merged with the Delhi entity), brings valuable strategic insights to the table. The merged company, Haldiram Snacks Food Pvt Ltd, was recently valued at $10 billion (Rs 86,000 crore) after raising capital from global investors like Alpha Wave Global, Temasek, and International Holding Company (IHC).

Wow! Momo is pursuing an aggressive growth strategy across both its restaurant footprint and fast-moving consumer goods (FMCG) portfolio. The company currently operates across four sub-brands – Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi – with a total of 680 outlets.

According to internal estimates, the chain plans to add another 200–250 stores in the next 12–14 months, solidifying its position in the competitive Indian QSR market.

Wow! Momo reported revenues of approximately Rs 630–640 crore for FY25, representing a 30% year-on-year growth compared to Rs 480 crore in FY24. Despite the top-line growth, the company had reported a net loss of Rs 114 crore in FY24, indicating ongoing investments in expansion and branding.

With seasoned backers like Khazanah and Kamal Agrawal, and an ambitious expansion roadmap, Wow! Momo appears poised for a strong growth phase. The upcoming $75–80 million round will likely serve as a catalyst for scaling its retail presence and FMCG operations.