Net loss widened 13%: To INR 219.8 Cr in FY23 from INR 53.4 Cr in FY22, the company managed to bear the loss due to it's exponential growth in the business. 

The Kolkata based startup, which sells Momos through its stores across the country,  Started by Sagar Dayani and his friend Vinod Kumar…saw phenomenal growth that can be attributed to the startup increasing the number of its stores and adding newer brands such as Wow! China, and China Belly.  Including the revenue, total revenue rose 87.3% to INR 416.3 Cr during the year under review from INR 222.19 Cr in FY22. 

The founder grew up getting nagged by his parents about the uncertinity about his future. Now he owns a 2000 Cr company. The journey was as simple as from opening a small shop to an outlet and to getting 2 fundings.He brought merchandises to the newly built workforce and that's how it's publicity went out. He started introducing new variations of momos and that's the journey went viral.

Where Did Wow! Momo Spend?

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.

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.