Wow! Momo

Last updated

Wow! Momo
Company type Private
Industry Food and beverage
Fast food restaurants
FoundedAugust 2008;15 years ago (2008-08)
FounderSagar J. Daryani
Binod K. Homagai
Shah M. Rahman - Co-founder
L Muralikrishnan - Co-founder
Headquarters
Kolkata, West Bengal
,
India
Number of locations
30 cities [1] [2]
Area served
 India
Key people
Sagar J Daryani (CEO)
Binod K. Homagai (COO)
Shah Miftaur Rahman (CFO)
Muralikrishnan L (CMO)
Mithun Appaiah (CEO - FMCG)
Products Momo
Burger
Dessert
RevenueIncrease2.svg ₹450 Crores
(FY 2023 (est))
Number of employees
6000
Parent Wow! Momo Foods Private Limited
Website https://www.wowmomo.com/

Wow! Momo is an Indian multinational chain of fast food restaurants headquartered in Kolkata. [3] [4] 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. [5] [6]

Contents

As of December 2021, there are around 425 outlets across 19 cities in India. Wow! Momo Foods Pvt. Ltd. operates 3 Brands; Wow! Momo, Wow! China and Wow! Chicken which was launched in December 2021. 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. [7]

Wow Momo Foods in 2021 emerged as the most valued homegrown QSR brand in India with a valuation of ₹1,225 crores. [8] The Company has grown its foothold completely with company operated outlets; it does not have any franchise plans as of now.

As per Fintrackr’s estimates, Wow! Momo in 2022 raised fresh investment in Series D round at a valuation of $270 million or Rs 2,130 crore, post allotment. The company’s valuation grew more than 60% in the past year as it was valued at $165-170 million in Series C round. [9]

History

The founders of Wow! Momo, Sagar Jagdish Daryani and Binod Kumar Homagai, first met each other at St. Xavier's College during their undergrad. [10] 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). [11] 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 and Muralikrishnan joined as the fourth Co-founder in 2018. A friend and another St. Xavier's alumnus, to take charge of marketing, brand building and growth hacking. [10]

Wow! Momo, in June 2017, managed to raise ₹44 crore from Lighthouse funds and through investments by Indian Angel Network. [12] 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). [13] And in September 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. [14]

During the COVID-19 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. [15]

In April 2024, Wow! Momo managed to raise $9 million (₹70 crore) from Z3 Partners. [16]

Awards and recognition

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References

  1. ↑ Bureau, Indiaretailing (10 October 2022). "Wow! Momo enters Bihar; opens a store in Patna". Indiaretailing.com. Archived from the original on 10 October 2022. Retrieved 19 October 2022.
  2. ↑ Bureau, Indiaretailing (27 October 2022). "Wow! Momo opens in Indore – the 24th city for the QSR chain to enter". Indiaretailing.com. Archived from the original on 28 October 2022. Retrieved 28 October 2022.
  3. ↑ Nandi, Ipshita (26 July 2010). "Momo on the move". The Telegraph. Archived from the original on 29 July 2010. Retrieved 28 October 2012.
  4. ↑ Raturi, Prerna (20 December 2011). "Appetite For Profit". Entrepreneur India. Archived from the original on 23 July 2012. Retrieved 28 October 2012.
  5. ↑ "Mr. Sagar J Daryani, Founder, Wow! Momo addresses the BIBS students". BIBS. Archived from the original on 20 June 2012. Retrieved 28 October 2012.
  6. ↑ "Let's talk business". The Telegraph. 19 December 2010. Archived from the original on 21 December 2010. Retrieved 28 October 2012.
  7. ↑ "Wow Momo- A Journey From ₹ 30,000 to ₹ 860 Crores Brand". Next Big Brand. 19 September 2019. Archived from the original on 12 April 2021. Retrieved 13 March 2021.
  8. ↑ "Wow! Momo raises over $15 mn in series C funding - Times of India". The Times of India. 21 September 2021. Archived from the original on 21 September 2021. Retrieved 21 September 2021.
  9. ↑ Ashrafi, Kunal Manchanda & Md Salman (6 September 2022). "Exclusive: Wow! Momo kicks off Series D round with $16 Mn". Entrackr. Archived from the original on 6 September 2022. Retrieved 6 September 2022.
  10. 1 2 "Why less is more for Wow! Momo". www.fortuneindia.com. 11 March 2020. Archived from the original on 30 October 2020. Retrieved 3 December 2020.
  11. ↑ "Wow Momos Success Story – A Journey From ₹ 30,000 to ₹ 860 Crores Food Company". Suger Mint. 23 February 2020. Archived from the original on 26 October 2020. Retrieved 3 December 2020.
  12. ↑ "Wow! Momo raises Rs 44 crore from Lighthouse Funds, IAN". Business Standard India. Press Trust of India. 13 June 2017. Archived from the original on 4 April 2023. Retrieved 13 March 2021.
  13. ↑ "WoW Momo Valued At Rs 300cr After Fabindia Investment". Moneycontrol. 13 June 2018. Archived from the original on 4 April 2023. Retrieved 13 March 2021.
  14. ↑ Gooptu, Biswarup. "Wow! Momo has Tiger's Rs 130 crore". The Economic Times. Archived from the original on 19 May 2021. Retrieved 3 December 2020.
  15. ↑ "Wow! Momo to hang out at CCD – Times of India". The Times of India. TNN. 30 June 2020. Archived from the original on 20 December 2020. Retrieved 13 March 2021.
  16. ↑ "Wow! Momo raises $9 Mn more in Series D round". Entrackr. 17 April 2024. Retrieved 17 April 2024.
  17. ↑ "Indian Restaurant Congress". Restaurantindia.in. Archived from the original on 30 January 2019. Retrieved 12 February 2019.
  18. ↑ "Images Retail Awards honour excellence in retail". Indiaretailing.com. 21 September 2017. Archived from the original on 30 January 2019. Retrieved 12 February 2019.
  19. 1 2 "Coca Cola Golden Spoon Awards honour Food and Grocery Retailers". medianews4u.com. 20 January 2018. Archived from the original on 22 April 2019. Retrieved 12 February 2019.
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