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Wow! Momo- a startup featuring the ‘chindian’ cuisine

Wow! Momo is an Indian chain of fast food restaurants headquartered in Kolkata, West Bengal, India and it specializes in momos, dumpling popular in Nepal, Tibet and India. Wow! Momo was established in 2008 by Sagar Daryani and Binod Homagai, alumni of St. Xavier’s College, in Kolkata.

Beginning of the journey

Sagar Jagdish Daryani and Binod Kumar Homagai started selling steamed momos from their 6 by 6 kiosk in Springdale Spencer. The initial stores were kiosks inside hypermarkets of Big Bazaar and Spencer’s in Kolkata. But this paved a way of opening food outlets in malls, tech parks and other commercial locations.

WOW! Momo has expanded to Kolkata, Mumbai, Delhi, Noida, Gurgaon, Bengaluru, Chennai, Lucknow, Kochi, Bhubaneswar, Cuttack, Puri, Pune, Hyderabad, and Kanpur.

Aiming at an IPO

With 254 outlets across 13 cities, the startup is now gearing up for the next chapter in its story. Backed by investments from Info Edge Founder Sanjeev Bikhchandani, former Infosys CEO Kris Gopalakrishnan, and Hero Enterprise Chairman Sunil Kant Munjal, among others, the startup claims to have “90 percent of the market share in the organised momo business”. Now, the Quick Service Restaurant (QSR) chain has major expansion plans and is even eyeing an IPO.

Wow! Momo plans to raise between Rs 120 crore and Rs 150 crore in its Series B round and has hired EY as its banker. “We have seen phenomenal interest from funds and have started talking to some of them. We are looking for a long-term partner to work with us,” Sagar says.

The company earlier raised an angel round for Rs 10 crore from Indian Angel Network (IAN) in 2015. And this was followed by a Series A round of Rs 44 crore from IAN, Lighthouse Funds, and Fabindia’s William Bissell in 2017. The startup also plans to list itself on the Indian stock markets in the next five to six years, and is looking for an investor that will stay on till the IPO.

The USP

Selling food on the roadside can be a challenge in terms of hygiene and quality of food. But it is not at all impossible, and this is portrayed well by Wow! Momo.

“The perception of health and hygiene sells. Selling roadside food in a hygienic way is our USP. We made roadside momos into a brand,” said the Wow! Momo co-founder and CEO Sagar Daryani.

Awards bagged so far

  1. Best Dim-sum product chain –Indian Restaurant Congress Award 2016
  2. Best Unique Retail Concept Award – Images Retail Award 2017
  3. Coca-Cola Golden Spoon Award – Best Quick Service Restaurant in Indian origin 2018
  4. Coca-Cola Golden Spoon Award – Best Innovation in Store Design 2018

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To read other references, click here

Click on their names below to visit the LinkedIn profile of the founders.

Sagar Daryani

Binod Homagai

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