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From Kiosks to Crores: The rise of Wow! Momo

Rise of Wow! Momo

While India’s billionaire spectrum ranges from the 27-year-old Pearl Kapur of ZYBER 365 to the 93-year-old Lachhman Das Mittal of Sonalika Group, the journey of Sagar Daryani stands out for its unique flavor. At the helm of Wow! Momo, Daryani exemplifies how a small idea can transform into a colossal Rs 2,000 crore business.

The story unfolds

Sagar Daryani together with Binod Homagai, started Wow! Momo. This was 2008, and the initial investment was Rs 30,000. There was opposition from within the family, but Daryani still started the venture. They started their business by opening a small food joint, beneath a Spencer’s store in Kolkata and hired two people who were part-time cooks.

They were later joined by two more prospects from St. Xavier’s, named Shah Miftaur Rahman and Murali Krishnan who played great contributions in the company’s development. Today Homagai is COO, Rahman is the CFO, and Krishnan is handling the responsibilities of CMO, all being in charge of the Wow! Momo’s impressive growth.

The upward trajectory

Under Daryani’s leadership, Wow! Momo transformed from a simple food stall to a Rs 2,130 crore business. As quoted in DNA India, this quantity and quality chain now earns Rs 40 crore per month in total revenue. It is a Kolkata-based fast-food joint which has approximately 800 outlets in 26 states, and has a strategic vision of opening 3,000 outlets by December 2024 and also float an IPO.

Strategic investments have fueled Wow! Momo’s ascent. In 2018, Fabindia’s Managing Director, John Bissell, invested Rs 3 crore, followed by Tiger Global Management‘s Rs 130 crore investment in 2019. The latest financial boost came in April 2024, with a Rs 70 crore investment from Z3 Partners.

A key ingredient in Wow! Momo’s recipe for success is its continuous innovation. The chain has captivated customers with creative offerings such as MoBurgs—momo-filled burgers—and momo-based desserts like Chocolate Momo. Sagar Daryani’s story underscores that age is just a number in the pursuit of business success, proving that with vision, resilience, and a dash of creativity, even the simplest ideas can lead to extraordinary achievements.

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