Kolkata-based popular Quick Service Restaurant (QSR) chain Wow! Momo has witnessed an impressive surge in its revenue from operations, more than doubling from INR 106 Crore in the previous fiscal year to INR 219.8 Crore in the financial year 2021-22.
Diverse Revenue Streams from Multiple Brands
The startup’s revenue is primarily generated through the sale of food items across its widespread restaurant network, spanning over 25 cities in India. Apart from its flagship brand Wow! Momo, the company operates two other brands – Wow! China and Wow! Chicken.
Strong Financial Performance with Balanced Expenses
In the same period, Wow! Momo’s total income, including other sources, reached INR 222.1 Crore in FY22, marking a significant increase from INR 108.4 Crore in FY21. Remarkably, while the top-line revenue doubled, the startup’s expenses witnessed a more moderate rise. Consequently, the net loss of Wow! Momo decreased by 10%, declining from INR 59.4 Crore in the previous fiscal to INR 53.4 Crore in FY22.
Wow! Momo Cost Structure and Employee Benefits
Total expenses for FY22 surged by 62% to INR 274.5 Crore from INR 169.1 Crore in FY21. Notably, the cost of materials consumed formed the largest chunk of expenses, rising by 95% to INR 95.3 Crore from INR 48.7 Crore in FY21. Employee benefit expenses also experienced a notable increase, jumping by 76% to INR 51.3 Crore from INR 29.1 Crore. Wow! Momo, as per LinkedIn, employs a workforce of over 1,000 individuals.
Wow! Momo Impressive Growth Trajectory and Funding
Wow! Momo, founded in 2008 by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman, has achieved remarkable success with its expansive network of over 500 outlets across 25 Indian cities. The startup consolidated its three brands, Wow! Momo, Wow! Chicken, and Wow! China, into a unified brand – Wow! Eats – in March this year.
The company successfully raised INR 125 Crore in its Series D funding round last year from OAKS Asset Management, valuing the startup at INR 2,125 Crore ($257 million). Prior to this, Wow! Momo secured $15 million in its Series C funding from Tree Line Management. The startup enjoys support from prominent investors like Tiger Global and Lighthouse, marking its steady growth trajectory in the competitive QSR industry.
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