History
The founders of Wow! Momo, Sagar Jagdish Daryani and Binod Kumar Homagai, first met each other at St. Xavier's College during their undergrad.[10] With an initial amount of ₹30,000, they started the venture in 2008 at the age of 21. Wow! Momo began as a 6' by 6' kiosk in a Spencer's, which was one of their initial stores (the other one being a kiosk inside a Big Bazaar on rent for 18% of revenue share per month).[11] They were later joined by another St. Xavier's alumnus and friend Shah Miftaur Rahman, and Muralikrishnan joined as the fourth co-founder in 2018.[10]
Wow! Momo, in June 2017, managed to raise ₹44 crore from Lighthouse funds and through investments by Indian Angel Network.[12] A year later, Fabindia's managing director, William Bissell, invested ₹3 crore (US$440,000) in the company, which helped Wow! Momo reach a valuation of ₹300 crore (US$45 million).[13] And in September 2019, after an investment by Tiger Global Management of ₹130 crore (US$23 million), the valuation of the company crossed ₹860 crore (US$120 million), which led to the opening of more outlets in commercial locations like malls and tech parks.[14]
During the COVID-19 pandemic, Wow! Momo entered into a strategic partnership with Café Coffee Day, in which they decided to share outlet space along with costs and revenue.[15]
In January 2024, Wow! Momo raised approximately ₹410 crore in funding from Khazanah Nasional Berhad and Oaks Capital Management, bringing the company's valuation to over ₹2,400 crore.[16]
In April 2024, Wow! Momo managed to raise $9 million (₹70 crore) from Z3 Partners.[17]
