- Wow momos founders’ story is truly a “rags to riches one”
- Started from a borrowed amount of ₹ 30k, it now is a ₹ 860 crores company.
- Wow Momo recently raised $23 million in a Series B funding round led by Tiger Global
Wow Momo is a fast-food restaurant chain based in Kolkata, which specializes in Momos, a famous dumpling in Nepal and parts of Tibet and India. It was founded in 2008 by St. Xavier’s College alumni Sagar Daryani and Binod Homagai in Kolkata. Its more than 200 stores have now spread throughout the cities of Chennai, Pune, Bengaluru, Kochi, Delhi, NCR, Coimbatore, Thrissur and Digha.
Sagar Daryani-Binod Kumar- The Happy Founders at Wow Momo:
With the investment of 30,000, Sagar Daryani and Binod Kumar Homagai began the Wow Momo when their graduation was finished i.e. (Hons). B.com. Sagar Daryani was mathematically fragile and he understood he was unable to clear CAT. Sagar Daryani was always passionate about brands. He used to stick products like Nike, Puma’s stickers/logos in his notebook.
Sagar and Binod got the idea of Wow Momo after completion of 3rd year of graduation as they were waiting for their results at the age of 21. They got the idea of wow momo by observing the lady who used to sell tasty momos in front of their college.
Sagar Daryani used to research together all night with his friend Binod Kumar Homagai. In the night Binod would make Momos and Sagar Daryani would make toss bread etc. Binod Kumar Homagai is a Nepali man, and Momo’s origin is thought to be from Nepal itself. Binod Kumar Homagai is, therefore, a great chef when it comes to making an ideal and delicious momo.
Start from the Scratch:
Wow! momo was started with the investment of 30000 rupees which Sagar took from his father. In the beginning, Sagar and Binod did approach the supermarket chain Spencers to set up a stall. In the company’s initial days, Sagar used to wear a Wow! Momo T-shirt and approach every person entering the store, asking them to sample the momos.
In the beginning, Sagar managed to hire a cook Ramji KC as a part-time cook who also worked at a small restaurant in the city. Sagar paid 3,000 rupees per month to Ramji KC in initial days and they used his father’s garage as a kitchen to make momos.
The first day of Wow Momo went very well the sale of around 2,200 rupees and at the end of the month, they touched 53,000 rupees mark.
In the beginning days, Sagar wakes up early in the morning near to 5:30 as went out for the shopping of raw materials like chicken, vegetables, etc on his bicycle. Serving freshly cooked momos was their USP. They used hot cases to carry the momos from the garage to Spencers.
The Later Expansion of Wow Momo:
Spencers assisted a lot in the Wow Momos’ early days. They allocated a new kiosk in Kolkata’s finest mall with the greatest Spencers by seeing the hard work of two boys. After the first four months, they set up their second outlet/stall. In the early days, Wow Momo sold the Momo at 40 rupees per plate.
The southern town mall brought a large shift to the Wow Momo’s income. Revenue rose from 50,000 to 9 lakhs. They employed the team for their product’s research and development with the rise in revenue.
Rags To Riches Story of Wow Momo:
Now when the Wow Momo has finally become a brand their stores can easily be spotted in Big Bazaar and Pantaloons. Currently, Wow Momo have around 200 outlets in 13 cities in India. A central kitchen is set up in each city which helps to make momos and deliver to kiosks. Wow! momo has employed around 2000 employees where the team follows a standardized recipe and cooking methodology.
Sagar and Binod started Wow! Momo with steamed momos, and now they have come up with a number of different varieties, some of them being chicken, chicken and cheese, schezwan, and prawn. For the vegetarians out there, the offerings include corn and cheese, among others.
The Latest Funding of Wow Momo:
Wow! Foods raised $23 million in a Series B funding round led by Tiger Global, one of the most prolific global investors in Indian startups.
After the current investment, the homegrown food chain is valued at $120 million ( ₹860 crores), up 187% from the ₹300 crore valuation it had garnered in a funding round last year when Fabindia’s managing director William Bissell had invested ₹3 crores.
Last year itself, it acquired Series B funding of Rs 44 crore directed by Lighthouse Funds and IAN at a valuation of Rs 230 crore. The business is also considering an IPO in the next six to seven decades. Currently, it intends to open over 1,000 Wow! Momo stores across the nation.
The Future of Wow Momo Seems Bright:
Wow! Momo expects to make ₹190 crores in revenue in FY20. The company has said that it is currently clocking a monthly run rate of over ₹15 crores and opening over 10 new stores every month. The founders are still working hard as they used to from day one of the company.
The founders want to make it the next Homegrown food chain that can give tough competition to the likes of Dominos and McDonald’s.
With an incredibly managed team and a clear goal, Wow Momo is set to script history with its finger-licking taste!