Fast food chain Wow! Momo is aiming Rs 500 crore turnover in five years as it sets to expand aggressively across the country.
The company, which opened its first store in Kolkata eight years ago, at present operates over 100 outlets in India and plans to add another 60 by the end of this calender year.
“We are treating Rs 500 crore turnover target in 5 years with a notwork of 500 outlets that we plan to open by then. Our mission in the long-term is to be India’s version of a McDonald’s and become a global brand,” Co-Founder, Wow! Momo, Sagar Daryani told PTI.
Wow! Momo is also in the process of raising fresh funds to the tune Rs 50 crore, which will fuel its expansion drive.
“We will close fund raising by middle of this year and we plan to use this entire sum to expand our business,” Daryani said.
The company plans to expand rapidly in Kolkata, Delhi NCR and Bengaluru during this year with a small expansion in planned in Chennai as well.
It is also looking at entering new markets such as Hyderabad and Mumbai in the next fiscal.
According to a PTI report, the company is considering export of packaged frozen momos abroad along with specially prepared momo sauces to make them available across shelves in modern trade.
The company had raised Rs 10 crore in its first round of funding from Indian Angel Network (IAN) in 2015 from investors like Sanjeev Bhikchandani, founder of Naukri.Com (Info Edge), Saurabh Srivastava, co-founder at IAN and Ashvin Chadha, a serial entrepreneur, angel investor and Venture Capitalist.