Quick-service restaurant chain Wow! Momo is all set to raise Rs 185 crore ($20 million) in debt funding from InCred Credit Opportunities, RevX Capital Fund, and Anicut Capital, its second debt raise this year.
Earlier this year in April, Wow! Momo secured Rs 110 crore debt from Anicut Capital, which was exclusively reported by Entrackr.
The company's board approved the issuance of 18,500 non-convertible debentures (NCDs) across multiple filings to raise the above-mentioned sum, according to its filings with the Registrar of Companies (RoC).
As per the filings, InCred Credit Opportunities will lead the debt round with an investment of Rs 125 crore, followed by RevX Capital Fund with Rs 40 crore, while Anicut Capital contributed the remaining Rs 20 crore, taking the total debt infusion to Rs 185 crore.
The proceeds from the proposed debt round will be utilised towards refinancing existing borrowings, meeting general corporate requirements, and funding the company's growth capital needs.
Founded in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates more than 850 outlets across 90+ cities. Its portfolio includes brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi.
As per its last funding round, the company was valued at around Rs 2,838 crore ($316 million) on a post-money basis.
The company has raised over $140 million prior to this funding. This includes a $42 million Series D round led by Khazanah Nasional in January 2024.
The company is yet to file its financial statements for FY25 and FY26. In FY24, Wow! Momo reported Rs 470 crore in revenue, while its losses remained largely unchanged at around Rs 114 crore. According to the company, its revenue crossed Rs 640 crore in FY25 and Rs 850 crore in FY26. It has also set a target of achieving Rs 1,200 crore in revenue by 2027.