The Silicon Review
08 April, 2019
Wow! Momo, a Kolkata-based fast food restaurant chain, is all set to roll out a new brand called Wow! China. The announcement was made public on Monday.
The chain, which has 240 outlets across 13 Indian cities, intends to foray into Bangalore, Mumbai,and Chennai by the end of this financial year. In order to step into the packaged foods market, the chain is establishing a new facility with restaurant capabilities in Kolkata.
The company plans to start 40 outlets of Wow! China and seeks to open in Bangalore with the help of cloud Kitchens.
People familiar to the matter said that the margin of the new brand will be higher due to the ticket sizes.
Wow! Momo made revenue of Rs. 120 crore during FY 2018-19 and EBITDA margin of 10%. And the previous year, the chain’s revenue was Rs.75 crore and EBITDA margin of 9%.
The sources are referred from Economic Times.
Wow! China was incorporated in 2008 with a capital of just Rs 30,000.In the beginning, the chain rolled out its stores in the form of kiosks inside hypermarkets of Big Bazaar and Spencer’s in Kolkata. Later on, its outlets spread across malls, tech parks,and different commercial locations. In 2018, the chain was valued at Rs, 300 crores.
Coming to funding, the chain entered a series B round and raised Rs 44 crore and looks to raise more fund by the end of 2019.
The new expansion plan is definitely a positive sign for the chain in terms of both revenue and operations.
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