Wow! Momo is a Kolkata – based food tech startup that specializes in making Momos, a dish that is very popular in Mexico and gaining popularity in India, Nepal, US, UK and other foreign countries. The startup is planning to setup its branches abroad and export Momos to foreign countries. This plan comes in the wake of the startup, expecting to secure investments, in the month of March, this year. “We are planning to commence frozen Momos exports to the U.S., U.K., Dubai and Singapore by the next fiscal”, co – founder and CEO of the firm, Wow! Momo said. Read more on US
The startup also plans to setup a business outlet in a proposed city in West Bengal, with a capacity to make six lakh Momos. The startup is expecting to receive an investment worth Rs. 50 crores by the end of April, this year. “We have received three offers and would choose a venture capital (investor)”, Mr. Daryani said. Prior to this, the startup had received an investment of ₹10 crores in August, 2015 to increase the number of its business outlets form 43 to 96. It also raised a loan of ₹7 crores from Bandhan Bank during the same period. The startup also plans to export sauce packets along with Momos to foreign countries. The startup managed to convert the demonetization threat into an opportunity by accepting card payments and online payments for its Momos. It also advertised its Momos to people, waiting in queues, outside of ATMs during demonetization apart from offering them drinking water and Momos on the go!
“This way we checked the 40% slide in sales in the first week after November 8th and now we have recovered”, Mr. Daryani said.
The startup, which is currently present in Kolkata, Bangalore, Chennai, Kochi, Pune, Delhi, Gurgaon and Noida, is planning to setup its business outlets in Mumbai and Hyderabad as well by next fiscal. The startup plans to have 500 outlets by 2021.
“Chennai is our most profitable venture after Kolkata and we are planning to expand”, Mr. Daryani said.
Wow! Momo is definitely a promising startup whose business tactics are cutting edge. During demonetization, very few businesses apart from mobile wallet companies in India made any profit. The fact that Wow! Momo advertised its Momos to people, standing in queues outside of ATMs during demonetization drive, is to be appreciated! It also sold its Momos on the go which is another master stroke by the company. It has managed to convert the demonetization threat into an opportunity. Considering that the Momo dish is gaining popularity in India, we can bet that this startup will succeed. It is heartening to know that it’s going to get funded. The government of India must fund, promote and incubate more innovative and useful startups like Wow! Momo. Read more on Startup News