India is famous for its delicious street cuisine, whether it’s chaat or momos. Among all the street foods, momos have gained popularity nationwide in recent times. Utilizing this love for momos, Sagar Daryani ventured into a thriving business. He is the CEO and creator of Wow Momo, a restaurant chain specializing in momos.
Sagar Daryani co-founded the business with his classmate Binod Homagai, and the company was officially established on August 29, 2008, during their final years at St. Xavier’s in Kolkata. Presently valued at hundreds of crores, Sagar started selling momos in 2008 from a small kiosk in Kolkata, having conceived the idea one day. At the young age of 21, they founded the company.
Despite facing opposition from his family, Daryani did not consider the task to be insignificant; he persisted and achieved success. The business that started with just Rs 30,000, 1 table, and 2 part-time cooks has now grown into a Rs 2000 crore enterprise. To ‘wow’ their customers with unique offerings, they chose the name WowMomo for their business. Product experimentation is a significant selling point for their items.
For example, they introduced the ‘Moburg,’ a combination of momo and a burger. During the initial two years of operation, the founders wore T-shirts bearing the business name while selling momos and asked every visitor to try a momo and share their feedback. As the popularity of momos increased, WowMomo began setting up kiosks in various commercial locations such as tech parks, malls, and hypermarkets.
According to Daryani, the company presently opens 250 stores annually, with aspirations to increase that number to 350. News18 reports that the firm currently sells 6 lakh momos every day and has 800 points of sale spread across 26 states. By the end of the following year, their goal is to have 3000 points of sale.
WowMomo’s valuation is an astonishing Rs 2130 crore, and the food-chain business has raised Rs. 375 crore so far. The founders, promoters, and workers own 52 percent of the company’s shares. WowMomo’s monthly revenue is Rs 40 crore, and in the last year, it generated an income of Rs 220 crore. Their target for FY 2023 is a topline of Rs 450 crore.