Beginning its journey from a small outlet and an initial investment of Rs 30,000, fast food chain, Wow! Momo seems to have found a new recipe for success. The startup launched its 101st outlet Kolkata. The company opened its first store in Kolkata 8 years ago, and has since expanded across the country, increasing its store number from 43 to 101 in the past 18 months.
“People say, how many momo shops you will have, but actually if you compare us with burgers and pizzas, we are still really underpenetrated compared to what the demand for momos in India is. We are opening stores a lot bigger than what we would have dreamt even five years ago so the pent-up demand is definitely there. For us the mantra is growth with consolidation and continued innovation. We are one of the few profitable startups and continue to remain the same throughout this journey. Our mission is to be India’s version of a McDonald’s and become a global brand,” said, Co-Founder, Wow! Momo, Sagar Daryani.
The company plans to expand rapidly in Kolkata, Delhi NCR & Bangalore this year with little expansions in Chennai as well. Before the beginning of the next fiscal, the brand intends to enter into newer markets such as Hyderabad and Mumbai.
“We don’t want to do too many cities at a time. We believe that we are the kings of Kolkata and want to now grow in cities where we are already present and become the kings of Delhi NCR, Bangalore rather than doing too many newer cities at a time. At present, we have 50 plus stores in Kolkata and we intend to reach 100 plus stores here.” added Daryani.
Wow! Momo has invested heavily in revamping its stores and expansion in the country. The brand is currently serving these little pockets of delights in 8 cities which include Kolkata and suburbs, Delhi, Gurgaon, Noida, Bangalore, Chennai, Kochi and Pune. Appealing to the various tastes of people, today, the startup sells more than 2 lakh momos every day. The brand is also exploring to export packaged Frozen Momos abroad and also intends to package its specially prepared momo sauces and make them available across the shelves in modern trade.
“Innovation in momos is our ultimate USP and the next new product to be launched nationally by March is a Mo-Roll (a momo Roll)” reveals Daryani.
Co-Founder at IAN and one of the investors of Wow! Momo, Saurabh Srivastava added, “Wow! Momo is one of the most exciting startups with promising growth in the QSR sector. They have been growing exponentially and have managed to remain profitable in the competitive market. This business is a volumes game and they have been constantly innovative not only in food but also in operations with strong cost control system to avoid leakages”
The company received its first round of funding from IAN in 2015 from Angel Investors 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. Accoridng to the investors, Wow! Momo is one of the biggest valuations received by any Quick Service Restaurant chain in India.