Wow momo: a journey from one table to 271 food outlets
A short description
Wow! Momo comes on the list of the top leading startups. It is a Kolkata-based momo stall that grew up from a very small business. Now, its turnover is swimming in crores, and Wow! Momo has become a brand in India. Here, we are going to discuss this beautiful journey of the small-scale business that is touching heights in the list of fastest-growing startups.
How the idea came?
So, all it started with 2 of the students Sagar Daryani and Binod Kumar Homagai from St. Xavier’s college. They completed their graduation and didn’t want to pursue their career as a Chartered Accountancy. Even, they didn’t have plans for MBA.
In one of the meetings with the originator of Wow! Momo said that they were bad with numbers thus it was somewhat hard for them to break CAT tests as it requires a pleasant grasp of Maths. In this way, they chose to begin something of their own.
In the wake of taking a gander at the pizza and burger rage among individuals, they imagined that the equivalent can go with momos too. At long last, they thought of selling momos. All they concluded that on the off chance that they give quality and best items to the clients, they will want to draw in more client groups and maintain their business. The procedures were made and actualized in Kolkata.
Momos that turned the spice up
Both of them presented a few assortments of steamed momos. The veg assortments they began with were cheddar, and corn, and cheddar. In the non-veg classification, they were giving chicken, chicken and cheddar, prawn, and Schezwan momos.
After the introduction of steamed momos, they thought of bringing new varieties of momos to attract more customers. Even, the steamed momos were very common. They came up with the idea of fried momos and pan-fried momos.
Later on, the introduction of the pan-fried momos became the turning point of Wow! Momos. It gave a customer boost to the audience. People were liking this variety a lot as it adds an extra sweet and spicy combo to their momos.
The name’s idea
Firstly, it was just a momo business. But Sagar and Binod needed some name and for their startup. When the peoples started tasting their bestselling product, pan-fried momos, they said wow. Hence, both of them got a unique and idealistic name for their brand as Wow! Momo.
Finally, they saw several logos of different big brands and finally end up deciding on a beautiful and eye-catching logo for the business. The color of the logo is black and red with a yellow background. All this combine, gives it a catchy look.
The journey of the two
The duo went out of their house to start their small-scale business with just an amount of Rs. 30,000. They wore a t-shirt printed their company’s logo, went to Spencer’s, and asked everyone to taste their momo.
It was likewise an intense assignment for them to enlist a culinary specialist so, at long last, they wound up their chase after getting Ramji KC as low maintenance cook for them. Ramji KC was a gourmet expert in a café and figured out how to function low maintenance for them with Rs. 3000 per month.
The deals on a principal day were about Rs. 2200 and not long after the month’s end, the figures came to up to Rs. 53,000. It was an incredible climb for both of them.
Moving toward the clients in Spencer’s demonstrated gainful to them thus they began with setting up a second slowdown in South City Mall in Kolkata following 4 months. This chance was given to them by the Spencer’s. Actualizing it was likewise a mutually beneficial arrangement for them.
The pair gets up ahead of schedule at 5:30 am to purchase new veggies and chicken. They acquire the momos hot cases to give new momos to their clients. In the wake of setting up their subsequent slowdown, the income promptly went up to 9 lakhs before the month’s over. With this development, they recruited different representatives too.
Burger followed momos in Wow! Momos
Selling momos was benefitting the business. Later on, both Sagar and Binod thought of introducing burgers also. It was not necessarily a burger, but it was a MoBurger, that is momo combined with the burger.
They started serving 2 pan-fried momos between the two burger buns, making it a MoBurger. It introduced a new taste for customer’s tongues and they liked it a lot. MoBurger was a great idea for them and it gave outstanding results also.
Wow! Momos reaching different cities
With the increase in revenue, both Sagar and Binod focussed on expanding Wow! Momos even more. They opened their stall in Big Bazar and Pantaloons also. Both of them started hiring more and more employees to work as a team and also for research and development.
Their dream was to make Wow! Momo is a brand that can reach a large audience. As their team grew, they also reached different cities to spread their business and they got succeed in it.
Finally, they are successful in opening Wow! Momos in 13 cities of India within 10 years. Now, they are focussing on the neighbouring countries of India. They are also paying attention to the innovation to grow their business.
Investments made
They started their business with just Rs. 30,000 as the initial investment. As the business grew, they were able to receive funding of $380M. The funding of Wow! Momo are:
- The Series A funding was Rs. 10 crores on 10th August 2015.
- After that, the series B funding round was Rs. 44 crores by Lighthouse funds.
- Then, the third round also known as Angel Round of was Rs. 3 crores by William Bissell.
- After that, the funding amounted to Rs. 2 crores 30 lakhs by Tiger Global Management.
- Finally, a debt funding round amounted to Rs. 45 crores by Anicut Capital on 13th October 2020.
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