If there is one street food which is extremely famous and loved across India then it has to be momos. Taping into the massive furore for momos, Sagar Daryani, the founder and CEO of the restaurant chain Wow Momo, has elevated the momo business in India.
In collaboration with his classmate Binod Homagai, Daryani established Wow Momo on August 29, 2008, during the last year of their graduation at St. Xavier's in Kolkata.
Beginning with a small cart in Kolkata, they transformed a plain idea into a successful business. Despite family opposition, Daryani, at the age of 21, leveraged his meagre investment of Rs 30,000, 1 table, and 2 part-time cooks to build a Rs 2000 crore company.
The unique name - WowMomo was selected in an attempt to attract customers with fusion food, highlighting experimentation as their strong point. The founders actively sought customer feedback during the initial years.
As its popularity and market grew, WowMomo expanded its foothold by establishing kiosks in various commercial locations such as tech parks, malls, and hypermarkets across India.
Currently, the company owns 250 stores annually, with an aim to grow it to 350.
With a staggering valuation of Rs 2130 crore, WowMomo has raised Rs 375 crore, with 52 per cent ownership held by the founders, promoters, and workers. The company's monthly revenue rose to Rs 40 crore, and in the previous fiscal year, it generated an income of Rs 220 crore. In FY 2023, it aimed for a topline of Rs 450 crore.
According to reports, WowMomo sells 6 lakh momos daily, comprising of 800 stores across 26 states, and aims to start 3000 stores by the end of the next year.
