Wow! Momo’s FY23 Sales Cross INR 400 Cr Mark

QSR chain Wow! Momo’s revenue crossed the INR 400 Cr mark in the financial year ended March 31, 2023. The Kolkata-based startup, which sells momos through its stores across the country, saw its operating revenue zoom 88% to INR 412.9 Cr in FY23 from INR 219.8 Cr in the previous fiscal year. 

The increase in revenue can be attributed to the startup increasing the number of its stores and adding newer brands such as Wow! Chicken, Wow! China, and China Belly.

Including other revenue, total revenue rose 87.3% to INR 416.3 Cr during the year under review from INR 222.19 Cr in FY22.

Meanwhile, net loss grew 13% to INR 60.5 Cr during the year under review from INR 53.4 Cr in FY22.

Where Did Wow! Momo Spend?

Wow! Momo’s total expenditure shot up 72% to INR 470.8 Cr in FY23,from INR 274.5 Cr in the previous fiscal year.

Cost Of Material Consumed: The startup spent INR 159.9 Cr on procurement of raw materials during the year under review, an increase of 68% from INR 95.3 Cr in FY22. 

Employee Benefit Expenditure: Employee cost rose 77% to INR 90.6 Cr from INR 51.3 Cr in the previous year. This indicates that the startup increased its employee headcount during the year under review. 

Rent: Wow! Momo paid INR 62 Cr rent in FY23, a jump of 109% from INR 29.6 Cr in the previous year. The increase was in line with the startup expanding its presence in different parts of the country. 

EBITDA loss improved to INR 5.58 Cr from INR 15.8 Cr in FY22, while EBITDA margin also improved to -1.35% in FY23 from -7.2% in the previous year.

Founded in 2008 by Binod Kumar Homagai, Sagar Daryani, and Shah Miftaur Rahman, Wow! Momo has over 500 outlets in over 25 Indian cities. In 2022, Murali Krishnan was elevated to a cofounder role. In March 2023, the startup said it was consolidating all its brands under an umbrella brand, Wow! Eats. 

Just last month, Wow! Momo raised INR 70 Cr from homegrown investment firm Z3Partners. Earlier this year, it raised $42 Mn from Malaysian sovereign fund Khazanah Nasional Barhad. 

Overall, it has raised a total funding of around $135 Mn till date and counts the likes of Tiger Global, ValueQuest Capital, and Lighthouse Funds among its backers. 

Wow! Momo competes against the likes of Jumbo King and Goli Vada Pav in the fast food space. 

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