Story of Wow! Momo
Wow! Momo is an Indian chain of fast-food restaurants headquartered in Kolkata, West Bengal, India, specializing in momos, a dumpling popular in Nepal, Tibet and India. The company was established in 2008 by Sagar Daryani and Binod Homagai. Starting from a garage, wow! Momo today is valued 100 crore rupees. These two friends took the simple dumpling to the next level by creating extraordinarily mouthwatering momo recipes. They have almost 130 outlets in 9 cities.
Wow! Momo- A journey worth knowing
Both are passed out of St. Xavier’s college and were keen on adopting an MBA until they thought of the idea of creating their own brand. During the college year, they often eat Maggi or momos to end their starving and thus thought of creating a new range of momo recipes which was new to India at that time.
“It occurred to us that if we have places selling pizza’s and burgers, why we could not have a place for momo?”says Sagar
The wow momo was first started with just steamed momo’s and soon created 12 different varieties like chicken, chicken and cheese, schezwan, and prawn. For vegetarians, they offer corn, and corn and cheese, among many others. The idea was that if a person takes a bite of the momo, the first word that should come out of their mouth should be ‘wow’ and this is how the name was born.
At the starting, they struggled for a place and thus sought help from a supermarket chain Spencers to open their stalls. Sagar approached a local part-time chef Ramji KC who was working at a small restaurant in the city. Today he is the main chef of the company. He would cook the momos in the garage and from there the duo would take it to the store. They would ask people to taste the momos and on the very first day, the team’s sales were Rs.2200, and by the end of the month, had touched Rs.53,000. Sagar would wake up at 5:30 in the morning to buy the raw materials from the market on his bicycle. To ensure that the momos should be transported fresh, the duo would carry them in hot cases to Spencers. Later they set up their stall in many more markets and was able to earn a revenue of Rs.50,000 a month to Rs.9 lakh. With the additional income, the team hired more people and invested in R&D for their products.
Initially, the Wow! Momo team did not focus on operation costs because the team knew its strengths, and wanted efforts to be directed towards building Wow! Momo as a brand. And later they had raised Series B funding of Rs.44 crore led by Lighthouse Funds and IAN at a valuation of Rs.230 crore. With this tremendous growth, we can only expect the upcoming fame of this brand.
There are many small startups in India created on a daily basis and then there are some which really portray an inspiring story and the wow! Momo is one such delightful story. Their efforts and hard work are nothing but just inspiring. How two college grads become such a big entrepreneur is a must-know story. Hungry for more? What’s better than wow! momo.