In Startup50 2017: Wow Momo made it to Startup50 for identifying and scaling a new category and for bootstrapping its first 40 stores before raising external capital. The company is backed by Sanjeev Bikchchandani of Naukri.com.
Founders: Sagar Daryani, Binod Kumar Homagai, Miftaur Rahman
Wow! Momo is a prominent Quick Service Restaurants with over 145 stores in 10 cities. What draws your attention to the company is the fact that Momos is a traditional Tibetan dish that’s served road side in steamed variants and the company has taken this roadside food and made it into a Food Category and sells them in malls and food joints. With an innovation based business model, it has scaled up revenues to over Rs. 55 crore in FY17.
Innovation on its menu!
Its biggest innovation was in the dishes it offers to its customer. For instance, it introduced Pan Fried Momos, Baked Momo Augratine, Mo-Burg and Chocolate Momo dessert. It also innovated in its store designs. It launched Wow! Momo on wheels in Metro Stations and once this model succeeded, it initiated expansion of its Momo on Wheels in other prominent areas like Corporate Tech Parks and open area of Malls. This apart, the company launched Wow! Momo Food Bus/ Truck at an amusement park, Nicco Park, Kolkata and the company has rolled out similar formats in Tech Parks of Bangalore, and would be venturing into the other cities soon.
It’s WoW! Momo Kiosks at Airports was a difficult model to establish as the Airports have very strict guidelines with respect to smoke emission and usage of hot devices. Lastly a new product – Mango Momo, a dessert, was launched using fresh Alphanso Mango pulp as a stuffing of the Momo and poured Mango syrup to increase the Wowness of the product.
The company has plans of reaching more than 500 stores in the next 2-3 years in 16 cities in India and reach reach a topline of Rs. 600 crore. It is also planning to setup its Export processing unit in Kasba Industrial Estate in Kolkata from where it will export Frozen Momos to US and European countries.
- Raised first round of funding of Rs. 10 crores in 2015 from India Angel Network (IAN) led by Mr. Sanjeev Bikhchandani and Mr. Saurabh Shristava (Padma Shri winner).
- Lighthouse Venture Partners led by Sachin Bhartia invested Rs. 44 crore in the company.
Stores – 145
Cities – 10
Employees – 1425