Wow! Momo is a Kolkata-based quick service restaurant (QSR) chain. Indian Angel Network, one of the largest angel networks of the country has announced its investments. The investment has been made by Sanjeev Bhikchandani, Saurabh Srivastava, and Ashvin Chadha. According to the media reports it has raised Rs 10 crores($1.6 million).

It was founded in 2008 by Sagar Daryani and Binod Homagai.It is a kolkotha based company. Its services are present across six cities, namely Kolkata, Bengaluru, Pune, Delhi, Chennai, and Kochi, through 51 outlets across these cities. The company operates through a mix of restaurants, take-away counters and kiosks across malls and high street. In 2008, two friends, Sagar Daryani and Binod Homagai, planned of turning ‘momos’ into a diversified product category with versions appealing to different tastes. In its early days, the venture was
bootstrapped with an initial investment of Rs.30,000.

WOW MOMO RAISES FUNDING FROM IAN

Their product line comprises momos, thukpa, and meals. They serve 11 different flavors of momos available in steamed, fried, pan-fried, sizzler, and baked variants.Their business models were studied in various organisations and B-schools as a case study.

The mission of Sagar and Binod is to to make their products for all occasions and create a niche market not only for the masses but also for the upper and middle classes. The growing middle class currently accounts for the bulk of the
company’s business.

“The investment has been raised from IAN for expanding our business across cities, strengthening our presence in the current cities, improving our product range and services, enhancing customer experience and strengthening our core team. By creating a national presence while maintaining the quality of the food we serve, we intend to be the world’s largest chain of momos, creating employment and adding value to the economy and society as a whole” said Sagar, Co-founder of Wow! Momo.

An amount of Rs 10 crores has been raised in the first round of funding from founder and  Vice Chairman of Naukri.com, Sanjeev Bikhchandani by the company. After the first round of funding Sagar Daryani, CEO of WOW! Momo, told Indiaretailing “Until recently, the company was completely bootstrapped by the founders. The amount raised will be used to fuel our expansion plans. We aims to take wow! Momos across India with our plans to open 60 stores in two years’ ime,”

It is planning to expandig its business by opening 60 stores with the funding amount .”Out of these 60 stores, at least 30 outlets will be opened in New Delhi,” Daryani informed.

Down the line of six years Wow! Momo’s has 48 stores in five cities and it is remarked as the
country’s largerst chain in terms of volume and turnover.”We started with an initial
investment of only Rs 30,000 and are currently clocking a turnover of approx Rs 2 crores
per month. Our constant innovation has helped us so far to become country’s largest momo
chain,” said Daryani.

In the last fiscal the turnover of Wow! Momo was around Rs 11 crores and it is expected to have
a turnover of Rs 20 crores in the current financial year. It is targeting revenues to the
tune of ₹35-₹37 crore in FY-16 and around ₹65 crore in FY-17.