The most vital idea behind any business is a vision. Wow! Momo’s success story is the manifestation of that will. It was founded in 2008 by Sagar Daryani and Binod Homagai, alums of St Xavier’s College in Calcutta.
Wow! Momo’s Humble Beginnings:
Wow! Momo’s success story did not come easy! As both the prospective entrepreneurs were fresh graduates, they had no financial resources to tap into for their venture.
Sagar’s parents came forward and contributed the initial capital of Rs 30,000/-. They convinced a relative to permit them to use the garage as a base of operations. The duo roped in a part-time chef from one of the city’s restaurants. Initially, even the raw material was taken on credit from a local grocery store to help their fledgling business take off.
Story Behind the Wow! Momo Concept:
Momos are popular in Tibetan cooking and are steamed dumplings filled with meat or vegetables. Momos are traditionally steamed, and the creative duo tweaked the recipe to suit the Indian palate. The idea, according to them, was to make their offering delicious enough for the people to go wow! Hence the name Wow! Momo came about.
For their first outlet, Sagar and Binod reached out to the Spencer supermarket chain for permission to set up a stall. They agreed to a revenue-sharing model, with 18% of the total revenue going to Spencer’s.
Initially, Sagar would wear a T-shirt with the company colors and offer sample momos to visitors to save money.
Business Model of Wow! Momo
The success of any business hinges on a well-planned business model. In this article, we shall go over Wow! Momo’s successful business model:
Providing Value:
Customers love value! Businesses that offer value to customers have a competitive advantage straight out of the gate. The value offered by Wow! Momo is highlighted by providing the ideal combination of quality, taste, and ample choice.
Initially, they offered steamed momos to the hungry masses who came looking, gradually including fried and pan-fried momos on their menu. They even provide the innovative MoBurg or Momo-Burger, pan-fried momos seasoned with their secret sauce and served between burger buns.
Carefully Targeting the Customer Base:
Their clientele is majorly made up of students and working professionals. So they worked hard to price their products within a sweet spot affordable for both groups. They also cater to the palate of both vegetarians and non-vegetarians.
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Marketing Strategy:
A memorable logo is half the battle won – and Wow! Momo has a great one that plays an important role in the Wow! Momo success story. Its marketing strategy focuses well on its USP – that of excellent food quality at affordable prices and a sound PR strategy.
They also leverage social media to the hilt for promoting their business and branding.
Conclusion:
The incredible journey of Wow! Momo began with a seed of an idea and is now worth an astounding 1225 crore, according to an article in the Times of India. Currently, the homegrown QSR chain operates 350+ outlets of Wow! Momo and they are planning a foray into the FMCG sector as well.
With an initial investment of Rs 30,000/- Wow! Momo has come a long way, and Wow! Momo’s success story is a beacon to many budding entrepreneurs.
