Quick-service restaurant company Wow! Momo has secured a Rs 85-crore debt investment from Stride Ventures to fund its expansion plans. This investment by venture debt firm Stride Ventures will help Wow! Momo to advance its omnichannel strategy, expand its presence across dine-in, delivery, and FMCG verticals, a statement said on Tuesday.
The Kolkata-based Wow! Momo currently operates over 700 self-owned stores across 70 cities, showcasing one of the highest same-store sales growth strategies, comparable to international industry standards.
The group is also planning to scale-up its FMCG vertical to Rs 100 crore and ramp-up the newly launched HORECA (Hotel, Restaurant, and Catering) arm this year.
"Stride Ventures' support marks a pivotal moment in our journey of redefining Indian QSR. With their partnership, we aim to scale new heights, introduce new formats, and continue building brands that India can be proud of," Wow! Momo co-founder and CEO Sagar Daryani added.
Wow! Momo, together with Wow! China, Wow! Chicken and Wow! Kulfi is aiming to enter more than 100 cities and look at a footprint of over 1,500 stores in the next three years.
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