Launched in 2008, Wow Momo has emerged as one of the fastest growing food brands in the country. What started initially as a garage setup has now grown into a full-fledged quick service restaurant chain with more than 250 outlets across the country. Wow Momo is headquartered in Kolkata and is operational in various cities such as Delhi, Mumbai, Gurgaon, Noida, Pune, Chennai, Hyderabad, Kochi, Goa, Ghaziabad, Faridabad, Rourkela, Cuttack, Kanpur, and Puri.
The company is pursuing an aggressive growth strategy and has plans to launch operations in several other towns and cities. In the long term, Wow Momo has also made plans to launch operations at international locations. It has already registered the company’s name in more than 80 countries. The company will primarily target Middle East countries, Bangladesh, Sri Lanka, etc.
The idea for Wow Momo came to the founders when they noticed that momos were mostly sold through the unorganized market. While the taste was usually good, it was difficult to ascertain the quality and hygiene aspects of momos sold by roadside stalls. This prompted the founders to bring momos to the organized sector by launching a nationwide chain of quick service restaurants. Customers liked the idea and soon Wow Momo’s popularity started to soar. The company currently commands around 90% market share of momos sold in the organized sector.
Along with Wow Momo, the founders have also launched Wow China that focuses on the hybrid Chinese-Indian cuisine, better known as ‘Chindian’. The founders feel that there’s good potential in this segment, as Chinese food is widely popular across the country. The company feels that Wow China will be more profitable than Wow Momo in the long term. Over the next 4-5 years, the company is targeting revenues of more than Rs 1000 crore. To execute its plans, the company is planning to generate funds through an IPO.
Wow Momo has received investments worth USD 31.9 million through four rounds of funding. Top investors include Indian Angel Network (IAN), Lighthouse Funds, Fabindia’s William Bissell, and Tiger Global Management.
Wow Momo has not made any acquisitions in recent times.
Even though momos are sold across the country, there is no direct competitor to Wow Momo in the organized sector. However, considering the success of Wow Momo, it is possible that similar brands specializing in momos and Chinese cuisine may be launched in the coming years.
About the Founders:
Wow Momo was founded by Sagar Daryani, Binod Kumar Homagai and Shah Miftaur Rahman. Sagar Daryani is an alumnus of St. Xavier’s Kolkata and currently serves as the CEO of Wow Momo. Co-founder Binod Homagai has also studied at St. Xavier’s College Kolkata and currently serves as the COO of Wow Momo. Co-founder Shah Miftaur Rahman is a CA and CS and currently serves as the CFOO (Chief Finance & Operating Officer) at Wow Momo.