Wow! Momos is a very famous Indian fast food restaurant chain, especially amongst the youngsters. They are popular for serving various kinds of momos. They also serve burgers, several desserts, and drinkable items.
They are one of the fastest-growing fast-food chains in India.
The company focuses highly on its innovations, quality, variety, volume, etc. It has various outlets all around the country and is very successful too.
Wow! Momos - Key Points
- Company Type: Private
- Industry: Fast Food Restaurants, Food & Beverages
- Founded: 2008
- Founders: Sagar J. Daryani (CEO), Binod K. Homagai (COO)
- Headquarters: Kolkata, West Bengal, India
- Revenue: INR 180 crores (as of FY2019)
- No. of employees: 2700
Wow! Momos - History
Wow! Momos got founded by two friends who were St. Xavier's Kolkata graduates. Sagar Daryani and Binod Homagai are the two people behind this fastest-growing fast-food chain. They started the business in a small outlet with an initial investment of Rs. 30,000.
Love for Momos
Both of them are momos lovers and, this is where they got the idea of starting a business. They abandoned their jobs with the high package and decided to go with their business idea. It was a risky thing to do but, entrepreneurs are known for taking risks.
Wow! Momos - Founders
Sagar J. Daryani, who is now the CEO of the company, thought of building a business. His friend Binod K. Homagai (COO) decided to help him in this. Both of them started this business with too much risk. They were just 21 and had an undergraduate degree with them. They started the company in 2008 and, since then, there is no looking back for the company.
Wow! Momos - Business Model
A business model of a company is like its map. It is a clear depiction of their growth, expansion, revenue, strategy, success, etc. It is crucial for the all the business have a business model. It helps in the planning and proper execution of everything. Wow! Momos' success depends highly on their business model. Some of it is explained below:
- The Value Proposition The Company focuses on offering value to its customer. They serve varieties to them and, this gives them a competitive advantage over their competitors. They offer 12 different flavors of momos. All of them are available in both veg and non-veg.
- Target Customer Base The Company has a clear idea of what customers they have to target. Almost all generations prefer momos amongst many fast foods. But the brand focuses mainly on the working professional and students.
- Pricing Since the company focuses on working professionals and students, so they keep the price affordable. People choose momos over any other fast food because of its availability and affordability. It gives the company a benefit over other food chains.
Wow! Momos - Marketing Strategy
Companies use various marketing strategies to fulfill their needs and increase their sales & revenue. Some of the marketing strategies used by Wow! Momos are:
- The use of a yellow color palette for kiosk promotions
- Eye-catchy logo in bright color.
- Product-oriented marketing campaign.
- Giving sample momos to the customers
- Using various marketing tools like branding, social media, public relations, etc
- Advertising and promoting on apps like Instagram, Twitter, Facebook, etc
- Varieties of momos served in both veg and non-veg.
Wow! Momos USP Strength - Varieties Offered (Products)
Serving various kinds of momos is the main USP of this brand. They focus highly on innovations, hygiene, variety, inventions, freshness, flavor, etc. These are the things that attract their customers and develop a faith in the brand. They serve various kinds of momos. Some of them are:
- Steam Momos
- Pan-Fried Momos
- Cheese Momos
- Prawn Momos
- Mushroom Momos
- Corn Momos
- Veg Momos
- Tandoori Momos
- Malai Momos
- Non-veg Momos
- Chocolate Momos
Wow! Momos - Awards and Honours
- In 2016, Best Dimsum Product Chain by Indian Restaurant Congress Award
- In 2017, Best Unique Retail Concept Award by Images Retail Award
- In 2018, Best Innovation in Store Design by Coca-Cola Golden Spoon Award
- In 2018, Best Quick Service Restaurant in Indian Origin by Coca-Cola Golden Spoon Award
Wow! Momos - Challenges
Wow! Momos have seen significant growth from the day they started. The company was successful in increasing tier revenue every month. Currently, the company earns a profit of about Rs. 2 lakhs/month from each outlet.
The major challenge for the company right now is the pandemic. It has dipped their sales and, the plan of opening new outlets is also on hold. The virus has harnessed their growth plan and, they have lost a good number of their monthly customer base.
Wow! Momos – Competitors: Street Vendors
Momos are one of the most loved fast food in India. It has the right amount of spiciness and hotness, which perfectly matches the Indian taste buds. People prefer having momos and, this makes it a highly competitive fast food too. A lot of restaurants and food chains serve momos.
Their main competition is with street vendors. They serve a lot cheaper momos and are readily available too. But Wow! Momos has got an edge over them, as street vendors do not promise hygiene, variety, and high quality. Apart from these vendors, there is no such dedicated momos chain in India that could compete with this brand.
Wow! Momos - Expansion
Wow! Momos raised various funding and, this helped them in growing and expanding their business. They opened over 350 outlets in so many cities. Some of the ideas used by the company for its expansion are:
- Turnover of around 300 crores by the end of 2021
- Opening 50 more outlets
- Opening cloud kitchens by using platforms like Swiggy, Zomato, etc
- Addition of a more diverse and complex variety of momos
- Inventions like gluten-free momos, chilled momos, etc. to attract more customers
- Targeting students and working professionals (basically young customers)
Wow! Momos - Future Plans
The company has the plan to expand their business and increase their number of outlets all over the country. They are also planning to open many more outlets of Wow! China. It serves only Chinese food with an Indian taste. Their vision is to grow and target their customer base. They focus on the affordability and taste of the food.Closure
Wow! Momos are the business that showed what taking risks means. The entrepreneurs took a massive chance and left their placement. They started a company instead of with a very fresh idea and, the rest is history. This company is a result of ultimate hard work and resilience.