India’s Wow Momo Foods Banks $42M To Fuel Cloud Kitchen and Retail Expansion

• Wow Momo secured $42M to expand its food outlets and delivery.
• The funding will grow its retail stores and cloud kitchens in India.
• The startup is targeting 100 cities and projecting 50% revenue growth.

Funding boost for expansion

India-based quick service restaurant chain Wow Momo Foods secured $42 million in a Series D funding round led by Malaysian sovereign fund Khazanah Nasional.

Wow Momo will leverage capital infusion to grow its brick-and-mortar outlets and cloud kitchen delivery channels rapidly.

Founded in 2008, Wow Momo operates over 630 stores across 35 Indian cities under three QSR brands serving momos, noodles, and fried chicken.

Wow Momo is targeting 1,500 locations in 100 cities by 2026 and add 200 more outlets next year.

Impressive growth strategy

The company also aims to boost the distribution and development of its consumer packaged goods arm. On the backs of new products and expanded reach, Wow Momo is projecting $78 million in 2024 revenue, a 50% increase over 2023.

Wow Momo’s hybrid model, blending physical retail, virtual kitchens, and CPG, perfectly positions the company to capitalize on India’s post-pandemic food delivery boom.

With Khazanah’s backing, this homegrown startup seems poised for rapid growth.