New Delhi, May 12 -- Quick-service restaurant chain Wow! Momo, backed by New York-based Tiger Global and Malaysian sovereign wealth fund Khazanah Nasional Berhad, has raised another round of private credit funding, VCCircle has learnt.
Wow! Momo, which is expanding its retail presence across its brands Wow! Momo, Wow! China, Wow! Chicken and Wow! Kulfi, while also scaling its packaged momos and cup noodles business, has raised debt funding from homegrown alternative investment firm Anicut Capital, which operates across private equity, private debt and early-stage investments.
Chennai-headquartered Anicut Capital has committed Rs 110 crore ($11.5 million) to Wow! Momo from its latest private credit fund, Grand Anicut Fund IV, a top company executive said. Of this, Rs 60 crore has already been drawn, while the remaining capital will be deployed in two tranches over the coming months.
The proceeds will support Wow! Momo's expansion plans and working capital requirements.
"We had backed Wow! Momo from our second credit fund (Grand Anicut Fund III) and given the performance of our earlier investment, we have committed fresh capital to fuel its next phase of growth," said IAS Balamurugan, co-founder and managing partner at Anicut Capital.
"We look for promoters who have stood the test of time and navigated cycles, reinvested cash flows back into the business, and built resilient operating systems that tend to stand out more than those optimizing for short-term valuations," he added.
Anicut had previously invested Rs 115 crore in Wow! Momo through its second fund between 2020 and 2022, and exited the investment in May 2025.
The firm, which manages six funds across debt and equity, has invested across consumer, engineering services, software-as-a-service (SaaS), fintech, manufacturing, hospitality and shipbuilding, with average cheque sizes of about Rs 80 crore per deal.
In December, Anicut hit the final close of its third credit fund, Grand Anicut Fund IV, at Rs 1,275 crore ($142 million).
The firm's portfolio includes Milky Mist, The Ayurveda Experience, Mistral, Blue Tokai, XYXX Apparels, ToneTag, GNRC Hospital, Neeman's, and Agnikul.
Anicut Capital currently manages assets worth about Rs 4,500 crore across strategies, with the figure expected to rise further as its upcoming fund closures are completed.
Meanwhile, Wow! Momo, which operates more than 730 stores across 84-plus cities and towns, has raised multiple rounds of funding over the years.
In September last year, it bagged investment from 360 ONE Asset, a subsidiary of Mumbai-listed 360 ONE WAM Ltd. The round also saw participation from Haldiram's promoter Kamal Agrawal and Khazanah Nasional Berhad.
Earlier, the company had raised Rs 195 crore ($22.8 million) in venture debt in May last year.
It had also raised funding from Khazanah Nasional Berhad in January 2024 and Rs 70 crore in primary capital from Z3Partners in April 2024.
Previously, Wow! Momo raised capital from Singapore-based hedge fund Tree Line Investment Management in September 2021, Tiger Global in 2019, Lighthouse Funds in 2017, and the Indian Angel Network in 2015.
Published by HT Digital Content Services with permission from VC Circle.