Madhusudan Kela invests Rs 75 crore in Wow Momo Foods

Madhusudan Kela invests in Wow Momo Foods

Kolkata-based quick service restaurant chain Wow Momo Foods, which operates more than 800 outlets in India, has raised Rs 75 crore from well-known investor Madhusudan Kela, the founder of asset management company Singularity AMC.

The fresh funding is expected to support Wow! Momo's next phase of growth, said the company in its release.

The investment led by Madhusudan Kela is part of the company's ongoing bridge funding round. The bridge round earlier saw participation from Khazanah Nasional Berhad, Malaysia’s sovereign wealth fund, along with 360One and Haldiram’s Kamal Agarwal.

According to media reports, earlier the company had raised around Rs 130–150 crore in a bridge funding round led by Haldiram Foods' Kamal Agrawal and Malaysia’s sovereign wealth fund Khazanah Nasional Berhad.

With operating in more than 80 cities, the Kolkata-based company founded in 2008 by classmates Sagar Daryani and Binod Homagai targets to enter more than 100 cities and look at a footprint of over 1,500 stores in the next two years in India.

“This investment is a strong validation of our long-term vision to build a large, enduring QSR company from India. Madhusudan Kela’s belief in our journey strengthens our conviction to scale faster, innovate deeper, and continue building a brand that Indians love and trust," said the founding team in a statement.

Wow Momo Foods has also appointed Avendus as banker for a larger round later next year.

The company, which operates four brands - Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi - closed its financial year 2024-25 with a revenue of over Rs 640 crore, increasing over 30 percent compared to previous year, while the same-store-sales-growth was over 40 percent in the same period.

Wow Momo Foods targets to achieve Rs 850 crore in revenue for the current financial year 2025-26.