Wow! Momo Journey: From ₹30,000 to ₹2400 Cr Food Company

Founded by classmates Sagar Daryani and Binod Homagai, Wow! Momo, a Kolkata-based company, was started in 2008. As a rapidly expanding quick-service restaurant, WOW! Momo has a significant presence across India and stands out as the sole establishment with the largest momo supply chain.

Today Wow! Momo has over 300 outlets across 17 cities, and the hunger and passion for what they do still linger! Besides the flagship brand, Wow! Momo, the startup also has two other brands. Wow! China and Wow! Chicken.

The India Quick Service Restaurant (QSR) Market size is estimated at $25.46 billion in 2024, and is expected to reach $38.71 billion by 2029, growing at a CAGR of 8.74% during the forecast period (2024-2029).

Following a COCO (Company Owned Company Operate) business model, Wow! Momo oversees all aspects, from material purchase to processing and delivery. Each city features a central cloud kitchen managing all Wow! Momo stores.

For the current fiscal year (FY24), wow! Momo aims to achieve a topline of ₹650–700 crore, a significant increase from ₹435 crore in FY23. Although financial statements for FY23 are pending, the company experienced a two-fold growth in revenue from operations, reaching ₹220 crore in FY22 compared to ₹106 crore in FY21.

Wow! Momo has raised a total of $126.9M in funding over 10 rounds. Their latest funding was raised on Jan 16, 2024 in a Series D round.

WOW! Momo began with a small kiosk, encountering expansion challenges. To grow their customer base, the founders wore yellow shirts, providing momo samples. Despite street vendors’ lower prices, WOW Momos excelled in quality, sanitation, and flavor variety, giving them a competitive edge.

Looking ahead, Wow! Momo is set to launch Wow! Kulfi as a new vertical, supplementing its primary revenue driver. While Wow! Momo remains pivotal, CEO Sagar Daryani envisions substantial potential in its diverse verticals.

Anticipated Developments: Wow! Eats will integrate all four verticals. Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. The first quarter of FY24 will see an expansion of physical Eats stores to 10 in major metro cities. An upcoming Wow! Eats app is on the horizon, streamlining online ordering for dine-in and delivery from all three brands.

Startup Funding Summary

Wow! Momo, Delhi-based food brand, has raised $49 Mn in a funding from Khazanah Nasional Berhad, Indian Angel Network, Lighthouse Funds and OAKS Asset Management – Read More

StockGro, Bengaluru-based investment platform, has raised $11 Mn in a funding from Trifecta Ventures and Hindustan Media Ventures – Read More

FPL Tech, Pune-based fintech service provider, has raised $14 Mn in a funding from Alteria Capital – Read More

FinAGG Tech, Noida-based fintech startup, has raised $11 Mn in Series A funding from Tata Capital, Blue Orchard, The Small Industries Development Bank of India, Prime Venture Partners and Gray Matter Capital – Read More

Alt Mobility, Delhi-based EV leasing & lifecycle management platform, has raised $6 Mn in a funding from Shell Ventures, Eurazeo, EV2 Ventures and Twynam. UC Inclusive, Piper Serica, Pitchright and LetsVenture – Read More

M&A Snippets

Noida-based F&B company Haldiram will acquire Indore-based F&B company Pratap Snacks for an undisclosed amount – Read More

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