Wow! Momo turns into country’s largest chain of momos
(From left) Sagar Jagdish Daryani (right)Binod Kumar Homagai, founders of Wow! Momo
Do you fancy momos? – Those Tibetan delicacies shaped like half-moons or like plump round purses- filled with juicy meaty stuffing. Then you ought to know that it arrived in Kolkata, much before other cities. And since then, a lot of people from the east have been serving momos to the foodies in Kolkata. To bank on this love for momos, two young entrepreneurs from Kolkata, at the age of 21, started their own momo business. Today their enterprise – Wow! Momo has turned into the country’s largest chain of momos with over 100 outlets across eight cities. They have managed to carve a niche for themselves in the rapidly growing momo market and into the quick service restaurant industry. Moreover, the duo has successfully built an Indian food brand which dreams of going abroad soon. In an exclusive chat with Baishali Mukherjee, Sagar Jagdish Daryani and Binod Kumar Homagai, founders of Wow! Momo share their story……..
We have literally played with momos to have grown so rapidly. Our menu caters to twelve different flavours of momos available across steamed, fried & pan fried formats largely in white & brown flour variants. We have smartly innovated and invented to create delicacies like sizzler momos, moburg (momo burgers), tandoori momos, and baked momo au'gratin. To top it all, even the dessert is a chocolate momo.
Wow Momo’s magic recipe: is – ‘The Idea & its Effective execution!’ The journey to become India’s first major chain of branded momos began with an initial investment of Rs 30,000 with one kiosk in Kolkata in 2008. Eight years down the line we have more than 100 outlets in Kolkata, Delhi NCR, Bangalore, Pune, Chennai and Kochi and our current turnover is over Rs 5 Crores/Month.
Having begun with a modest initial Investment we have bootstrapped to reach a turnover of over Rs 2 crore/month before raising our first round of funds in August, 2015 - a Rs 100 crore valuation from ‘The Indian Angel Network,’ led by Sanjeev Bhikchandani (founder Naukri.com). This is one of the best valuations received by an Indian QSR Chain in its very first round of funding. Currently, we are clocking a turnover of over Rs 5 crore a month, and have recruited over 800 employees.
Wow! Momo operates out of kiosks, food court quick service outlets, shop – in shop models, and high street quick service restaurants. The stores are largely company owned and company operated. We have managed to build a dedicated team who not only ensured rapid growth but has also been able to achieve their profitability targets by successfully serving and satisfying repeated regular customers and patrons across the country.
Our creative model and business success have earned many awards & accolades. This January, Wow! Momo won the Best QSR Chain – Indian Origin at the Coca Cola Golden Spoon Awards in Mumbai, Conferred SME of the Year at the ET Now Leaders of tomorrow Regional Awards – East India, and Best Food Service Brand at the East India Retail Summit & Entrepreneur of the year award at Telegraph Infocom SME awards.
In view of momos enjoying the “healthy food” category, Wow! Momo’s Product line backed by its unique innovation & positioning as an ‘organized branded momo chain’ is indeed leveraging a virgin market with the brand already operating from 90 outlets across 8 cities, thereby enjoying the first movers’ advantage.
Wow! Way Ahead
Our mission is to make Wow! Momo the food of all times and creating a niche market for the masses. We want to be India’s version of Mc Donald’s and grow globally. Our vision is to become one of the world's fastest growing QSR Chains, thereby creating employment and adding value to the economy and society as a whole.
As a brand we have a long-term goal of doing an IPO (initial Public Offering) by around six to seven years from now. The team feels a 1000 Wow! Momo stores PAN India in the near future is a definite possibility.
The Wow! story has just begun.
What’s your story for an exotic food business that could perhaps lift a million people out of boredom?
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