Wow! Momo Foods gets Rs 350 crore funding from Khazanah Nasional Berhad

Wow! Momo Foods, a Quick Service Restaurant (QSR) chain in India, has successfully raised over Rs 350 crores (approximately $42 million) in funding from Malaysia's sovereign wealth fund, Khazanah Nasional Berhad.
This investment includes both primary infusion and secondary purchases from Wow! Momo's early-stage investors, including angel investors from the Indian Angel Network (IAN) and Series A investor Lighthouse Funds.
The funds will be utilized for expanding the QSR brand, strengthening distribution networks, and investing in research and development (R&D) for its Fast-Moving Consumer Goods (FMCG) arm.
The CEO and Co-Founder of Wow! Momo Foods, Sagar Daryani, expressed satisfaction in providing good exits to initial investors and emphasized the company's continued growth in the Indian market. In addition to Khazanah, existing investor OAKS Asset Management has injected an additional Rs 60 crores into Wow! Momo Foods.
The primary focus of the fund deployment is on expanding the QSR brand and enhancing its distribution network, with a special emphasis on R&D for the FMCG arm. The company plans to use the funding to open more outlets and achieve a significant presence in various cities.
Dato’ Amirul Feisal Wan Zahir, Managing Director of Khazanah, expressed excitement about supporting Wow! Momo's mission to become the largest QSR brand in India. He highlighted the intention to encourage growth through scalability, technological fortification, and building a robust back-end capability.
Vishal Ootam, Founder and CEO of OAKS Asset Management, believes that Wow! Momo has the potential to not only dominate the domestic market but also become the first globally successful QSR company from India.
The latest funding round brings Wow! Momo's total fund infusion to over $120 million. The company, which launched in August 2008, currently boasts over 630 outlets in more than 35 cities. In the financial year 2024-25, Wow! Momo aims to open over 200 outlets and expand its FMCG business. The company plans to be present in more than 100 cities with over 1,500 stores in the next three years, including Wow! China and Wow! Chicken.
According to credit rating agency ICRA, key players in the domestic QSR market are expected to add over 2,300 stores between FY23 and FY25, with significant capital expenditure. The industry's revenue is anticipated to grow by 20-25% in FY24 due to increased demand and expanding store networks.