New Delhi: Wow! Momo had its “wow” moment recently as Malaysian sovereign wealth fund Khazanah Nasional Berhad and OAKS Asset Management contributed a total of Rs 410 crore to the brand. With Khazanah’s investment in the business, the brand hopes to become the industry leader in innovation and change in the food industry.
However, the incredible success of Wow! Momo is to be attributed to the dedication and hard work of Sagar Daryani and his friend Binod Homagai, who founded the company with just Rs 30,000, one table, and two part-time cooks and grew it into a massive Rs 2100 crore company. This is the story of two Indian entrepreneurs who through their grit and perseverance grew a business from modest beginnings to a multimillion-dollar brand.
Who Is Sagar Daryani, The Man Behind Wow! Momo?
Sagar Daryani is the founder and CEO of the restaurant chain Wow! Momo. The company that he founded with his friend operates under three brands: Wow! Momo, Wow! China, and Wow! Chicken. Wishing to take on industry titans such as Domino’s and McDonald’s, Sagar’s Wow! Momo hopes to become a global brand in the upcoming years.
How Daryani’s Wow! Momo Became A Popular Food Brand
While completing their degrees at St. Xavier’s in Kolkata, Sagar and his friend Binod Homagai had the idea to launch a business based on their passion. On August 29, 2008, Sagar and Binod founded Wow! Momo in spite of early resistance from Sagar’s family. With a meager Rs 30,000 investment, Sagar launched the business at the age of just 21 in Kolkata with a small kiosk. Wow! Momo was started with only 1 table, and 2 part-time cooks. During the early years, the founders would personally attend to the needs of customers and actively seek out their feedback.
The two friends put in a lot of effort to shape their momo business into what it is today. Thanks to the unwavering determination and diligent work of the two friends, what began as a meager Rs 30,000 investment grew into a prosperous enterprise valued at Rs 2,100 crore. Wow! Momo’s last valuation by Tracxn (private markets data provider) stood at over $260 million (Rs 21,61,41,12,000).
The moniker Wow! Momo was picked for its ability to ‘wow’ patrons with its inventive offerings and experimental food. ‘Moburg,’ a combination of momo and burger that is well-liked by customers, is one of Wow! Momo’s noteworthy inventions.
As momos became more and more popular, Wow! Momo increased its visibility by setting up kiosks in a range of business spaces, including tech parks, shopping centers, and malls. Wow! Momo is reported to sell 4 lakh momos a day and has over 300 outlets in 17 cities. Following the triumphant establishment of the Wow! Momo, the brand introduced the Wow! China and Wow! Chicken.