Wow! Momo plans to open 250 stores as it plans to launch IPO by 2029: CEO Sagar Daryani

Fast food restaurant company Wow! Momo has planned to open 250 new stores in the coming years. According to a report by CNBC TV18, Sagar Daryani, Co-Founder & CEO of Wow! Momo Foods said that the company is planning to open an average of 21 new stores per month. Daryani said the expansion plans will fuel the revenue to Rs 900 crore from the current Rs 640 crore, a growth of approximately 45% in the coming years.

To boost long-term growth, Daryani said that the company is banking on its FMCG and Horeca (Hotel, Restaurant, and Catering) segment. He said Wow! Momo became a Rs 5 crore monthly business within just 28 months by launching the vertical in the FMCG space. Wow! Momo has launched products like frozen momos, Kappa noodles, chicken, and cheese smileys, and is planning to launch sauces and spices soon. Daryani has anticipated selling momos to five-star hotels and quick commerce platforms like Zepto would also drive significant revenue for the company.

The company is in the midst of securing a bridge round of Rs 150 crore to fuel its growth. Wow! Momo has raised Rs 90 crore from existing investors such as Khazanah, a Malaysian sovereign fund, and Kamal Agarwal from Haldriram's.

The bridge round will be followed by a larger fundraising round slated for the second half of 2025. The upcoming round is projected to be between $80-$100 million.

"It’s more about cleaning up the cap table and preparing for our IPO,” Daryani said.

Wow! Momo is aiming for an IPO between 2028 and 2029 with a target revenue of Rs 1,100-Rs 1,200 crore and Rs 100 crore EBITDA.