Wow! Momo

Last updated

Wow! Momo
Company type Private
Industry Food and beverage
Fast food restaurants
FoundedAugust 2008;16 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 chain of fast food restaurants headquartered in Kolkata. [3] [4] The chain specializes in momo (specifically Nepali Mo:Mo), 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. [7] [8]

As per Fintrackr’s estimates, Wow! Momo in 2022 raised fresh investment in Series D round at a valuation of $270 million. [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] They were later joined by another St. Xavier's alumnus and friend Shah Miftaur Rahman, and Muralikrishnan joined as the fourth co-founder in 2018.. [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 January 2024, Wow! Momo raised approximately ₹410 crore in funding from Khazanah Nasional Berhad and Oaks Capital Management, bringing the company's valuation to over ₹2,400 crore. [16]

In April 2024, Wow! Momo managed to raise $9 million (₹70 crore) from Z3 Partners. [17]

In March 2023, in a trademark dispute, the Delhi High Court issued a prima facie injunction against the restaurant chain Wow Punjabi, temporarily restraining it from using a mark resembling that of Wow! Momo. The court acknowledged Wow! Momo's registered trademarks and market presence, noting Wow Punjabi’s failure to respond to cease and desist notices. [18]

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.{{cite web}}: |last= has generic name (help)
  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.{{cite web}}: |last= has generic name (help)
  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. ↑ Mukherjee, Udit Prasanna (16 January 2024). "Wow! Momo Raises ₹410cr from Khazanah and OAKS with Valuation of over ₹2,400 Crore". The Times of India. Retrieved 8 November 2024.
  17. ↑ "Wow! Momo raises $9 Mn more in Series D round". Entrackr. 17 April 2024. Retrieved 17 April 2024.
  18. ↑ "Wow! Momo gets relief in trademark case versus restaurant Wow Punjabi". CNBCTV18. 28 March 2024. Retrieved 8 November 2024.
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