Wow! Momo to raise Rs 185 Cr ($20M) debt led by InCred in second debt round this year

QSR chain Wow! Momo is raising Rs 185 crore ($20M) via 18,500 NCDs, led by InCred (Rs 125 Cr) with RevX (Rs 40 Cr) and Anicut (Rs 20 Cr). The debt refinances borrowings and funds growth across 850+ outlets in 90+ cities. FY25 revenue hit Rs 640 crore, targeting Rs 1,200 crore by FY27.

— FiledMon, 6 Jul, 2026, 12:19 IST·First seen Mon, 6 Jul, 2026, 12:18 IST·Source Entrackr

What happened

QSR chain Wow! Momo is raising Rs 185 crore ($20M) in debt led by InCred, with RevX and Anicut, its second debt raise this year, to refinance borrowings and

Key facts

  • Rs 185 crore ($20M) debt
  • 18,500 NCDs
  • InCred Rs 125 crore
  • RevX Rs 40 crore
  • Anicut Rs 20 crore
  • 850+ outlets
  • 90+ cities
  • valuation Rs 2,838 crore ($316M)
  • FY24 revenue Rs 470 crore
  • FY24 loss Rs 114 crore
  • FY25 revenue Rs 640 crore
  • FY26 revenue Rs 850 crore
  • FY27 target Rs 1,200 crore
  • $140M raised prior

Why this matters

InCred-led Rs 185 Cr NCD raise (with RevX and Anicut) refinances existing borrowings while funding expansion, suggesting the QSR chain is optimizing its debt stack rather than pursuing M&A-driven growth.

What to watch

  • Same-store sales growth and outlet-level EBITDA disclosures
  • Interest coverage ratio and total debt-to-EBITDA trend
  • Any third capital raise (equity or debt) within 12 months
  • FY26 revenue run-rate vs Rs 1,200 Cr FY27 milestone
  • Founder/existing-investor stake changes or IPO filing chatter
  • Accelerate outlet additions in existing metro clusters to leverage brand density
  • Push cloud-kitchen and delivery-led formats to lift asset-light margins
  • Refinance older high-cost debt and extend maturity profile
  • Signal IPO or Series-E equity intent to reassure lenders on repayment path

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