0"In any market, a brilliant concept supported by a clear vision and competitive plan leads to success."
With the success of their company, the Kolkata-based duo of two friends has proven the above point. WOW Momo is a well-known fast-food restaurant chain with headquarters in Kolkata, West Bengal.
They specialize in momos, a typical dish in Nepal, Tibet, and India. Based on various factors such as volume, product innovation or variety, and turnover, it has grown to become India's largest momo chain and fastest growing Quick Service Restaurant chain.
The founders plan to add 400 more outlets by 2021 and make the brand global by opening locations in the United Kingdom, the United States, Canada, and other countries.
The story behind
Key Persons: Sagar J. Daryani (CEO), Binod K. Homagai (COO), Shah Miftaur Rahman (CFO)
WOW Momo was founded by Sagar Jagdish Daryani and Binod Kumar Homagai, two entrepreneurs from Kolkata. Both the founders of the brand had dreamt of starting a momo company while studying M.Com in the same batch at Kolkata's St. Xavier's college. So you might be thinking, why momos?
Well! Binod is from Nepal, where momos originated, and Sagar remembers loving momos, especially from a vendor who sat outside his school. Sagar's brain-child started selling a variety of high-quality momos after witnessing some street vendors famous for their variety.
While in college, they both were offered jobs at an international bank with a salary package of Rs. 3 lac p.a. However, rather than embracing the job offers, both choose to pursue their dream of opening a momo company!
And this is how WOW Momo was established in 2008 with a small investment of Rs. 30,000, which Sagar's parents made. They began in a 200-square-foot kitchen with one table, employed two cooks on a part-time basis with a low wage, and raw materials for momos were purchased on credit from a nearby grocery store. These became the foundation of emerging businesses.
Later on, they purchased a 6/6 kiosk on a rental basis at Spencer's retail in South Kolkata in exchange for 18 percent revenue sharing every month. Initially, Momos were sold for 40 rupees per plate.
They had built a market base for WOW Momo through their marketing strategies and promotional activities. As a result, the brand made a sale of approximately Rs. 2200 on the first day, and sales increased to Rs. 53000 by the end of the month.
By their current success, they have shown that taking risks is a significant aspect of entrepreneurship.
Their Mission And Vision
Mission- WOW Momo aims at providing people with nutritious and steamed delicacies while creating employment opportunities.
Vision- The vision is to be India's version of McDonald's and expand internationally to become one of the world's fastest-growing QSR chains.
Hindrances They Faced And How They Solved
Initially, they just had a small kiosk to start their business, and expansion was challenging. So to gain customers and increase their reach, the founders focused on product-oriented marketing campaigns wherein they would wear a yellow t-shirt and go to customers with a tray of momos for taste sampling.
WOW Momos faced competition from street vendors who sold momos at a lower price. However, WOW Momos had a competitive advantage over street vendors due to the high quality, sanitation, and variety in momo flavours.
Moreover, at the starting of the business, problems arose when government officials began fining WOW Momos for failing to obtain licenses, but eventually, things sorted out.
For WOW Momos, the road has not been without difficulties, yet every blunder has taught them something essential.
What Do They Do?
WOW Momos serve a wide range of momos (both veg and non-veg), including steamed, baked, and pan-fried options with three delectable sauces and fillings ranging from vegetables, mushrooms, and paneer to fish, chicken, and prawn. To top it all off, there's a chocolate momo!
Their various sweet or spicy sauces are used for frying these momos to give them an Indian flavour. In addition, they offer Momo chats, Tandoori momos, baked momos, and even Momo Burgers.
Steamed momos, chicken momos, chicken and cheese momos, Schezwan momos, and prawn momos are a few varieties of their momos. Vegetarians can choose from corn momos, corn and cheese momos, Mushroom Momos, and other options.
The category of food items available with them are:-
- Steamed Momo
- Butter masala momo
- Tandoori Momo
- Fried Momo
- Sizzler momo
- Pan-Fried Momo
Moreover, it has partnered with various companies like ITC, Nestle, etc., to make its new Grocery launch arm successful.
Business Model Of Wow Momo
The business model represents a company's success plan. WOW Momo's popularity can be attributed to its redesigned business model.
The business model followed by WOW Momo is the company Owned- Company Operate model. They handle all activities on their own, from material acquisition to packaging and distribution! Each city has its central cloud kitchen.
Rewards And Recognition
- Best Dim-sum product chain in Indian Restaurant Congress Award 2016
- Best Unique Retail Concept Award – Images Retail Award 2017
- Best Quick Service Restaurant in Indian origin - Coca-Cola Golden Spoon Award 2018
- Best Innovation in Store Design - Coca-Cola Golden Spoon Award 2018
Their Road To Success
"Simplicity, passion, and a never-say-die attitude" is the secret of their success.
Both entrepreneurs had put in a lot of effort to make WOW Momo a success. They began with an idea, and that idea has now spread throughout the country. Their commitment to their work and enthusiasm for their goal has served as an inspiration to others. Their success is based on constant product creativity.
When the brand's founders first started the company, they didn't give much thought to failure. Their primary goal was to be successful. As a start-up entrepreneur, it is more important to believe in the idea and its success. Even with minimal resources, to begin with, the brand has shown that creativity, commitment, and confidence can propel anyone to victory.
Funding
To date, WOW Momos raised a whopping $38million from the following investors:
- Tiger Global
- Bandhan Bank
- Indian Angel Network
- Lighthouse funds
- Anicut Capital
