Quick Service Restaurant brand Wow! Momo Foods has now secured INR 60 crore in debt funding from the Anicut Capital and will now going to use the funds to repay the old loan as well as growth capital.
Wow! Momo Foods will repay the INR 35 crore loan taken from Avendus Finance in 2018. The company has availed a loan facility of INR 45 crore from Anicut Capital and has the option to secure another INR 15 crore by April 2021.
Wow! Momo Foods CEO and Co-founder Sagar Daryani said, “Ours has been a story of agility and adaptability. These crucial times may have brought our business down initially, but we always found new ways and undertook initiatives which helped us stay afloat. We have been more robust than ever with a change in business models, newer collaboration with Café Coffee Day to open Shop-In- Shop formats.”