Wow! Momo’s Operating Revenue More Than Doubles To INR 220 Cr In FY22

Kolkata-based popular QSR chain Wow! Momo reported an over 2X jump in its revenue from operations at INR 219.8 Cr in the financial year 2021-22 from INR 106 Cr in the previous fiscal year.

The startup generates revenue through sales of food items through its restaurants, which are present in over 25 Indian cities. Besides the flagship brand Wow! Momo, the startup also has two other brands – Wow! China and Wow! Chicken. 

The startup’s total income, including other income, stood at INR 222.1 Cr in FY22 as against INR 108.4 Cr in FY21. 

While the top line doubled, Wow! Momo’s expenses rose at a lower rate. Consequently, the startup’s net loss declined 10% to INR 53.4 Cr in FY22 from INR 59.4 Cr in the previous fiscal year.

Total expenses rose 62% to INR 274.5 Cr in FY22 from INR 169.1 Cr in FY21. Cost of material consumed rose 95% to INR 95.3 Cr from INR 48.7 Cr in FY21 and accounted for the biggest chunk of expenses during the year under review. 

Employee benefit expenses jumped 76% to INR 51.3 Cr in FY22 from INR 29.1 Cr. Employee benefit expenses comprise employee wages, PF contributions, gratuity, and other employee welfare benefits. As per Linkedin, Wow! Momo has over 1,000 employees. 

The startup also spent INR 29.6 Cr on rent in FY22, a 105% jump from INR 14.4 Cr in the previous fiscal. 

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 March this year,  the startup announced bringing its three brands Wow! Momo, Wow! Chicken, and Wow! China under one brand – Wow! Eats. 

The startup raised INR 125 Cr last year from OAKS Asset Management at a valuation of INR 2,125 Cr ($257 Mn)in its Series D round of funding. Prior to it, Wow! Momo raised $15 Mn in its Series C round from Tree Line Management. It is backed by the likes of Tiger Global and Lighthouse.