Wow! Momo raises $20M debt round led by InCred, its second in 2026
What's the deal? Indian quick-service restaurant chain Wow! Momo is raising US$25.1M in debt led by InCred Credit Opportunities. RevX Capital FundDealroom has a profile for this one. Try Dealroom → and Anicut CapitalDealroom has a profile for this one. Try Dealroom → joined the round, its second debt raise in 2026.
The mechanics: The company's board approved the issuance of 18,500 non-convertible debentures across multiple filings with the Registrar of Companies. InCred led with US$17M, followed by RevX Capital Fund at US$5.43M and Anicut Capital at US$2.72M.
What's the money for? Proceeds will go toward refinancing existing borrowings, general corporate needs, and growth capital. In April 2026, Wow! Momo secured US$14.9M in debt from Anicut Capital.
What's the endgame? Founded in 2008 by Sagar DaryaniDealroom has a profile for this one. Try Dealroom → and Binod Homagai, Wow! Momo runs more than 850 outlets across 90-plus cities under brands including Wow! China, Wow! Chicken, and Wow! Kulfi. The chain has raised over $140 million to date, including a $42 million Series D led by Khazanah NasionalDealroom has a profile for this one. Try Dealroom → in January 2024, valuing it at about US$385.4M.
By the numbers: Wow! Momo reported US$63.8M in revenue in FY24, with losses steady at around US$15.5M. Revenue crossed US$86.9M in FY25 and US$115.4M in FY26, according to the company, which targets US$163M by 2027. It has yet to file audited statements for FY25 and FY26.
Why debt? This raise sits among the larger debt deals in its category, ranking in the 90th percentile of 144 comparable rounds by Indian food and beverage firms. Structured debt lets the chain fund its rollout and working capital without diluting equity.
The signal: The deal reflects two trends in India — QSR brands leaning on structured debt over equity to fund expansion, and private credit players like InCred competing with venture-debt funds for well-known consumer names.
Read more: Entrackr
Image credit: City Foodsters
