Wow Momo Raises Rs 10 Cr In First Round Of Funding
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Sanjeev Bikhchandani and Indian Angel Network fund Kolkata-based Momo chain, writes Sonal Khetarpal
WOW! Momo, a Kolkata-based branded momo chain, has raised over Rs 10 crore in its first round of funding from Naukri.com’s founder Sanjeev Bikhchandani and Indian Angel Network (IAN).
Investors like Saurabh Srivastava, Ashvin Chadha, Ajai Chowdhry, Kris Gopalakrishnan, Raman Roy, Anand Ladsariya, amongst others also participated in the funding round. The company was valued at $10 million.
Commerce graduates Sagar Daryani and Binod Kumar Homagai founded WOW! Momo in 2008 with an initial investment of Rs 30,000. They have grown the QSR chain to 50 outlets across six in India such as Kolkata, Bangalore, Pune, Chennai, and Kochi.
The company will use the funds to expand its presence with 60 more stores across major cities in India out of which 30 will be based out of Delhi. They will be in high street locations, outlets in malls in areas such as Lajpat Nagar, Satya Niketan, Prashant Vihar, Kirti Nagar, Dwarka and Noida,” says Daryani.
Last week, the company opened its new outlet in the tony Hauz Khas area of New Delhi.
Some of their product innovations include Chocolate Momo, MoBurg, Sizzler Momo’s, Baked Momo Augratin etc. because of which their business model is being studied as a case study at various Multi National Organizations and B-Schools.
“We closed FY2014-15 at a turnover of Rs 20 crores and have a monthly run rate of 2.7 crores,” informs Daryani, CEO of WOW! Momo.
Sanjeev Bhikchandani IAN investor commented on the company’s growth strategy saying, “While you have access to multiple momo stalls across your locality, Wow! Momo as a brand promises great and consistent quality, while exciting taste buds with innovative Momo’s that have never been created tried before.”