Biography of Sagar Daryani and Binod Homagai: Founder of Wow! Momo -Entrepreneur
Biography of Sagar Daryani and Binod Homagai:
The Humble Beginnings
In 2008, two young entrepreneurs, Sagar Daryani and Binod
Homagai, had a vision to bring something unique to the food scene. They wanted
to create a brand that would deliver an unforgettable experience, leaving
customers saying only one word—WOW! With just Rs 30,000 in hand, they set up
their first kiosk inside a Spencer’s Daily outlet in Kolkata, marking the
beginning of Wow! Momo. Little did they know, their journey was about to take
them on an incredible ride.
The Big Idea
The idea was simple—serve delicious momos in various
innovative forms that would stand out from the competition. From the start,
Wow! Momo offered a wide variety of products, including Cheese Momos, Augratin,
Sizzlers, Butter Masala Momo, and Darjeeling Momo. Their focus was always on
quality and flavor, ensuring that each bite was a memorable experience for
their customers.
Expanding the Reach
What started with a single kiosk soon grew into something
much bigger. As demand for their momos grew, so did their business. Today, Wow!
Momo has expanded into a full-fledged Quick Service Restaurant (QSR) brand,
with over 680 outlets spread across 35 cities in India. This expansion was a
direct result of their focus on creating a unique product that people loved and
could easily access.
The Power of ESOPs
Sagar Daryani’s
philosophy for growth was rooted in sharing success. He believed in
distributing the wealth and providing his employees with an ownership stake in
the company. This belief led to Wow! Momo offering 20% of the company in
Employee Stock Ownership Plans (ESOPs) to its employees and co-founders.
Daryani emphasized that growing the pie was more important than owning a bigger
share of it, and this approach created a sense of belonging and loyalty among
the team.
Overcoming Challenges
Despite its growth, the journey wasn’t always smooth. In the
early days, Sagar and Binod would often walk home with empty bags, trying to
save money on auto rickshaw fares. They learned that every small savings was
important and that in business, you had to make money while ensuring your
customers were happy. This mindset helped them build a profitable and
sustainable business.
The Role of Media and Mentorship
Sagar Daryani credits the media for helping Wow! Momo
establish its presence in the competitive food industry. However, he also
acknowledges the importance of mentorship. One of his key mentors was Sanjeev
Bikhchandani, the Founder of Info Edge, who believed in Wow! Momo and invested
in the company. This mentorship played a significant role in guiding the
company through its early growth stages.
Funding and Valuation
In the early years, Wow! Momo’s growth caught the attention
of investors, and by 2019, they had secured funding from Tiger Global
Management. This was a breakthrough moment, as it shattered the myth that Tiger
Global only invested in tech companies. The company had already raised
significant amounts from other investors, including Khazanah Nasional, which
helped fuel its growth and expansion into new markets.
Resilience During the Pandemic
Like many businesses, Wow! Momo faced significant challenges
during the COVID-19 pandemic. With most of their outlets shut down and a
reduction in staff, the company was forced to adapt. However, the pandemic also
became a turning point for the business. The shift to online ordering and
delivery was initially a small part of their operations, but it quickly became
the backbone of their business. This pivot to digital helped them navigate the
tough times and emerge stronger.
Reinventing the Business
During the pandemic, Wow! Momo learned valuable lessons in
ecommerce, Direct-to-Consumer (D2C) models, and online marketing. They had to
unlearn certain things and rethink their entire approach. This reinvention
helped them not only survive but thrive in the new reality, making them more
agile and customer-centric than ever before.
The Growth of the Team
As the business scaled, Wow! Momo brought in two more
co-founders—Shah Miftaur Rahman (CFO) and Murali Krishnan (CMO)—to help lead
the company through its next phase of growth. Daryani emphasized the importance
of having co-founders with complementary skills. He believed that having a
balance of different strengths was crucial for the success of the business, as
each person brought something unique to the table.
The Dream of Expanding Further
Sagar Daryani’s vision for Wow! Momo goes beyond just
expanding the brand’s presence in India. He dreams of establishing the
company’s footprint in Southeast Asia and the Gulf Cooperation Council (GCC)
countries. With the rapid growth and market demand for high-quality, fast food,
Daryani believes that the time is right to take Wow! Momo to international
markets.
Biography of Sagar Daryani and Binod Homagai: Founder of Wow! Momo -Entrepreneur#startup#age#net worth#investor#business#Wow! Momo#startup story
The Bigger Picture
Daryani’s ambitions extend beyond just the food business. He
shared his dream of setting up 50 hospitals over the next 15 years, with the
first one focused on providing care for HIV-positive children in Kolkata. This
philanthropic venture reflects his belief in giving back to society, and he is
already working with an NGO to bring this vision to life.
Raising Capital for Growth
Wow! Momo raised $42 million from Khazanah Nasional,
Malaysia’s sovereign wealth fund, in January 2024, bringing its total funding
to $152 million. The new funds will help the company scale up its operations
and explore new avenues of growth. With the food industry being highly
competitive, Wow! Momo’s expansion strategy is focused on consolidating its
market share and maintaining its position as a leader in the QSR space.
A Vision for the Future
With plans to reach Rs 500 crore in revenue by FY24, Wow!
Momo is looking to solidify its position as a major player in the QSR industry.
The company’s focus on customer experience, innovative product offerings, and
strong digital presence are key factors in its future growth. Daryani’s
leadership and vision will continue to drive the company toward even greater
success.
Conclusion:
The Power of Persistence The success story of Wow! Momo is
one of persistence, innovation, and a commitment to delivering an exceptional
experience to customers. From a small kiosk in Kolkata to a nationwide chain
with a loyal customer base, the company’s journey is a testament to the power
of believing in your ideas and never giving up. Sagar Daryani and his team have
proven that with the right mindset, hard work, and a focus on quality, anything
is possible.
The timeline for Wow! Momo:
2008: Wow! Momo is founded by Sagar Daryani and Binod
Homagai with Rs 30,000.
2009: First kiosk opened at Spencer’s Daily in Kolkata.
2011: Expansion begins with new outlets.
2014: Introduction of Employee Stock Ownership Plans
(ESOPs).
2019: Secured funding from Tiger Global Management and other
investors.
2020: Pivot to online ordering and delivery during COVID-19.
2021: Expansion to over 680 outlets across 35 cities in
India.
2024: Raised $42 million, total funding reaches $152
million.
Future Plans: Expansion to Southeast Asia and GCC, dream to
build 50 hospitals.
FY24: Target of Rs 500 crore in revenue.
