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Rs 30k to 100 Crore, Momo seller becomes Millionaire

Momos are now more of an all-day food in India's metros. Momos are more of a soul meal that largely young people enjoy because it's a type of street cuisine that's frequently available and doesn't hurt a student's wallet.

It gained fame in the mid-1980s when Mclaudgunj, a sleepy Himachal Pradesh town, became the capital and seat of Dalai Lamma. When the Tibetian people were expelled from their country Tibet and forced to relocate to Mclaudgunj and Delhi for political reasons, Delhi embraced momos.

Based in Kolkata Wow Momo is a fast-casual restaurant that specializes in momos and dumplings. Incorporated in 2008, the company was valued at over Rs. 860 crores.

Sagar Jagdish Daryani and Binod Homagai in a Spencer's store, put up their 6 by 6 kiosk, and began to sell steaming momos Their first locations were kiosks inside Spencer's and Bazar Kolkata stores.

Sagar Daryani

Wow! Momo now has more than 200 locations around the country. Binod and Sagar were in the same cohort and took the same course at St. Xavier's College in Kolkata, shared their enthusiasm about Momos while Sagar visited the Momos vendor outside the college on a regular basis.

It was discovered that in a short period of time, one could make changes and produce high-quality momos. After Binod rejoiced at the chance when he heard the proposal, after all, here was an opportunity to make their favorite cuisine into something new item into a commercial venture But it was the initial investment that proved to be the most difficult.

When the buddies couldn't locate an investor, Sagar's family came in, and his father provided a Rs 30,000 investment. Sagar persuaded his family to give them permission. For their new enterprise, they will use the ground floor of a relative's house in Jadavpur as the kitchen.

Fortunately, they were able to rent a 6 by 6 kiosk at Spencer's Retail in south Kolkata. Their sales on the internet. The first day's sale was Rs 2,200. They had reached Rs 53,000 before the end of the first month.

In 2010, the two founders opened their first independent store in Salt Lake City's Sector V Kolkata, with a 14 lakh investment from the money they had set aside from their paychecks.

During this time, they also chose to expand into other cities. They also opened a Wow Momo store in Bangalore in 2011.

With 16 different Momos and three different sauces, they kept their model simple. Thanks to their efforts, In 2015, they surpassed a turnover of 100 crores thanks to a simple model and marketing strategies.

In July of that year, the Indian Angel Network provided them with their first round of finance, which totaled more than $2 million. In the month of May, they raised 44 crores in Series-B fundraising in 2017. There has been no turning back since then.

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1 Comment

Jul 12, 2021

Simply brilliant, a crisp and interesting piece. Keep posting

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