Wow! Momo

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Wow! Momo
TypePrivate
IndustryFood and beverage
Fast food restaurants
FoundedAugust 2008; 12 years ago (2008-08)
FounderSagar J. Daryani
Binod K. Homagai
HeadquartersRaja S. C. Mullick Road, ,
Number of locations
17 cities
Area served
India
Key people
Sagar J. Daryani (CEO)
Binod K. Homagai (COO)
Shah M. Rahman (CFO)
ProductsMomo
Burger
Dessert
RevenueIncrease 180 crore (FY 2019)
Number of employees
2,700 (2020)
ParentWow! Momo Foods Private Limited
Websitewww.facebook.com/WowMomos/

Wow! Momo is an Indian chain of fast food restaurants headquartered in Kolkata.[1][2] The chain specializes in momos, momo-filled burgers (MoBurgs) and momo-based desserts. It was established in 2008 by St. Xavier's College alumni Sagar Daryani and Binod Homagai.[3][4]

As of March 2021, there are around 350 outlets across 17 cities in India. The company aims to be an IPO in a few years with plans to gain a global foothold, i.e., they want to compete with the likes of Domino's and McDonald's.[5]

History[edit]

The founders of Wow! Momo, Sagar Jagdish Daryani and Binod Kumar Homagai, first met each other at St. Xavier's College during their undergrad.[6] With an initial amount of ₹30,000, they started the venture in 2008 at the age of 21. Wow! Momo began as a 6' by 6' kiosk in a Spencer’s, which was one of their initial stores (the other one being a kiosk inside a Big Bazaar on rent for 18% of revenue share per month).[7] While Daryani looked after brand expansion, marketing and retail operations, Homagai focused more on production and quality control. They were later joined by another St. Xavier's alumnus and friend Shah Miftaur Rahman, who took the responsibility of cost control and finance.[6]

Wow! Momo, in June of 2017, managed to raise ₹44 crore from Lighthouse funds and through investments by Indian Angel Network.[8] A year later, Fabindia's managing director, William Bissell, invested ₹3 crore (US $440,000) in the company, which helped Wow! Momo reach a valuation of ₹300 crore (US $45 million).[9] And in September of 2019, after an investment by Tiger Global Management of ₹130 crore (US $23 million), the valuation of the company crossed ₹860 crore (US $120 million), which led to the opening of more outlets in commercial locations like malls and tech parks.[10]

During the coronavirus pandemic, Wow! Momo entered into a strategic partnership with Café Coffee Day, in which they decided to share outlet space along with costs and revenue.[11]

Locations[edit]

Awards and recognition[edit]

  • Best Dim-sum product chain – Indian Restaurant Congress Award 2016[12]
  • Best Unique Retail Concept Award – Images Retail Award 2017[13]
  • Coca-Cola Golden Spoon Award – Best Quick Service Restaurant in Indian origin 2018[14]
  • Coca-Cola Golden Spoon Award – Best Innovation in Store Design 2018[14]

References[edit]

  1. ^ Nandi, Ipshita (26 July 2010). "Momo on the move". The Telegraph. Retrieved 28 October 2012.
  2. ^ Raturi, Prerna (20 December 2011). "Appetite For Profit". Entrepreneur India. Retrieved 28 October 2012.
  3. ^ "Mr. Sagar J Daryani, Founder, Wow! Momo addresses the BIBS students". BIBS. Retrieved 28 October 2012.
  4. ^ "Let's talk business". The Telegraph. 19 December 2010. Retrieved 28 October 2012.
  5. ^ "Wow Momo- A Journey From ₹ 30,000 to ₹ 860 Crores Brand". Next Big Brand. 19 September 2019. Retrieved 13 March 2021.
  6. ^ a b "Why less is more for Wow! Momo". www.fortuneindia.com. Retrieved 3 December 2020.
  7. ^ "Wow Momos Success Story – A Journey From ₹ 30,000 to ₹ 860 Crores Food Company". Suger Mint. 23 February 2020. Retrieved 3 December 2020.
  8. ^ India, Press Trust of (13 June 2017). "Wow! Momo raises Rs 44 crore from Lighthouse Funds, IAN". Business Standard India. Retrieved 13 March 2021.
  9. ^ "WoW Momo Valued At Rs 300cr After Fabindia Investment". Moneycontrol. Retrieved 13 March 2021.
  10. ^ Gooptu, Biswarup. "Wow! Momo has Tiger's Rs 130 crore". The Economic Times. Retrieved 3 December 2020.
  11. ^ Jun 30, TNN /; 2020; Ist, 05:18. "Wow! Momo to hang out at CCD – Times of India". The Times of India. Retrieved 13 March 2021.CS1 maint: numeric names: authors list (link)
  12. ^ "Indian Restaurant Congress". Restaurantindia.in. Retrieved 12 February 2019.
  13. ^ "Images Retail Awards honour excellence in retail". Indiaretailing.com. 21 September 2017. Retrieved 12 February 2019.
  14. ^ a b "Coca Cola Golden Spoon Awards honour Food and Grocery Retailers". medianews4u.com. 20 January 2018. Retrieved 12 February 2019.