New Delhi: India is celebrated for its delightful street cuisine, whether it’s chaat or momos. The latter has gained widespread popularity across the nation. Sagar Daryani, the visionary behind the success of Wow Momo, a restaurant chain specializing in momos, tapped into this growing love for the dish.
In collaboration with his classmate Binod Homagai, Daryani founded Wow Momo on August 29, 2008, during the final years of their degree at St. Xavier’s in Kolkata. Starting with a modest kiosk in Kolkata, they turned a simple idea into a thriving business. Despite initial family opposition, Daryani, at the age of 21, transformed a meagre investment of Rs 30,000, 1 table, and 2 part-time cooks into a Rs 2000 crore enterprise.
The name WowMomo was chosen to ‘wow’ customers with innovative offerings, emphasizing experimentation as their product’s unique selling proposition. Notable creations include the ‘Moburg,’ a fusion of momo and burger. The founders, wearing branded T-shirts, actively sought customer feedback during the initial years.
As the popularity of momos grew, WowMomo expanded its presence by installing kiosks in various commercial locations such as tech parks, malls, and hypermarkets. Currently, the company opens 250 stores annually, with plans to increase that number to 350. According to reports, WowMomo sells 6 lakh momos daily, boasting 800 points of sale across 26 states, and aims to reach 3000 by the end of the next year.
With a staggering valuation of Rs 2130 crore, WowMomo has raised Rs 375 crore, with 52 percent ownership held by the founders, promoters, and workers. The company’s monthly revenue reached Rs 40 crore, and in the previous fiscal year, it generated an income of Rs 220 crore. Looking ahead to FY 2023, WowMomo targets a topline of Rs 450 crore.