Wow! Momo launches frozen momos, ties up with BigBasket
Tiger Global-backed quick service restaurant chain Wow! Momo has entered into the fast moving consumer goods segment with the launch of its ready to eat frozen momos. It also plans to expand into multiple categories like condiments and snacks.
The company is targeting annual revenue of Rs 500 crore in the next five years from its packaged food business, Sagar Daryani, co-founder and chief executive told Moneycontrol. The five launch flavours in veg and non veg will be available in packs of 10s and 20s. The company claims these are preservative free products with a shelf life of nine months.
The company has tied up with BigBasket for an initial distribution, after which it will be selling its products across super markets in the country.
To begin with BigBasket will be selling them across Delhi, Gurugram, Noida, Kolkata, Mumbai, Pune, Bengaluru, Chennai, Hyderabad and Ahmedabad.
“Our success in the Quick Service Restaurant business has taught us to be close to our consumer; and our foray into FMCG is to take this bond one step ahead. We want to be a part of every grocery order in the country,” said Daryani.
“The ready-to-eat category of foods is picking up in a major way especially with people spending more time at home due to the pandemic. Our aim has always been to bring quality products to our consumers and we look forward to a long-term association with them,” said Hari Menon, Co-Founder and CEO, BigBasket.
Following the second wave of the pandemic, Indian consumers’ consumption of ready-to-eat and frozen foods has increased multifold.
In 2020, Wow! Momo also partnered with Café Coffee Day (CCD) to sell its products across select outlets of the coffee chain.
The company is likely to compete with the likes of Prasuma that launched its ready to eat momos in 2019.
Source : moneycontrol