The Kolkata based quick service chain, Wow! Momo is reportedly eyeing international expansion. This comes after it announced plans to add 60 outlets across India by 2018.
An Ambitious Target
The momo chain, which sells a range of fresh, hot momos is looking at a Rs.500 crore turnover in the next five years; at the end of the financial year on March 31st, 2016, the company had a Rs.50 crore turnover.
In a statement to the press, Sagar Daryani, the co-founder of Wow! Moo said “People say, how many momo shops you will have, but actually if you compare us with burgers and pizzas, we are still really underpenetrated compared to what the demand for momos in India is. We are opening stores a lot bigger than what we would have dreamt even five years ago so the pent-up demand is definitely there. For us the mantra is growth with consolidation and continued innovation. We are one of the few profitable startups and continue to remain the same throughout this journey. Our mission is to be India’s version of a McDonald’s and become a global brand.”
To this end, Wow! Momo is creating a new product category – frozen momos which it hopes to retail in Europe, West Asia and the US.
“Globally, the trend has shifted from junk foods to healthy foods and our product category is one that matches this global trend”, said Daryani.
Early this month, Wow! Momo announced that it wanted to expand its presence in India as well; it recently launched its 101st outlet in Kolkata.
To aid its expansion, the brand will need funds of Rs.50 crore; it will gain these by bringing in investors which will gain stakes in the company. Once the investment goes through, Wow! Momos valuation will raise to Rs.300 crore.