Kolkata is not exactly a paradise for entrepreneurs. The highly politicized environment makes it difficult for entrepreneurs to thrive.
So when two graduates just out of college founds a company that rakes in excess of 150cr revenue, you are bound to sit up and take notice.
Sagar Daryani and Binod Homagai, two graduates of St. Xaviers college Kolkata, are the founders of the fastest growing fast food chain in India, Wow Momo.
They started Wow! Momo in 2008, in a small outlet with Rs. 30,000 investment.
Wow! Momo serves varieties of momo’s in different flavors at an affordable price. They have more than 12 varieties of momo’s at the time of writing this article.
Starting from plain steamed momo’s, they have pan fried momo’s, schezwan momo’s and chicken momo’s. The pan fried momo’s are a delicacy that is a big seller among customers.
They also have a range of vegetarian momo’s! Corn momo’s, cheese momo’s and mushroom momo’s are some of the vegetarian variety they serve.
Wow! Momo primarily targets student and working professionals. Both these segments are short on time and needs something affordable to eat.
Wow! Momo perfectly fits the needs of the customer base as it is affordable and can be prepared quickly.
The pricing of the products is well thought out to meet the target customers budget. They are neither too cheap nor too pricey.
Their focus is on maintaining a hyegenic product line at reasonable prices.
To popularize Wow Momo, the company gave free momo as samples to customers.
They mainly set up their outlets in crowded placed like shopping malls, near cinema halls and busy streets, colleges and office regions.
Their kiosks primarily use the color yellow to appeal to people’s appetite. The logo is also bright and eye catching.
Wow momo has engaged in social media campaigns through ads and influencer marketing.
Their ads appear on popular networks like Instragram, Twitter and Facebook.
Wow! Momo & competition
Sreet vendors are the main competition of Wow Momo, as there are no major chains offering momo.
The prices of street momo’s are nearly half of Wow Momo, so it may present a concern. But the hyiegine levels of the company are miles better than street vendors.
And the variety present in Wow Momo menus keep it ahead of others.
Wow! Momo expansion
Wow! Momo, has launched a second brand Wow! China. This is a fast food Indo Chinese cuisine. Currently it is offering discounts on this brand in various outlets.
They have also started serving crunchy fried chicken in select outlets recently.
The company has expansion plans for at least 400 total outlets across the country.
The company has raised near about Rs 429 crore in funding and the latest funding has put the valuation at Rs 1,225 crore.