Quick service restaurant brand Wow! Momo Foods 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, according to news reports.
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, a report in Moneycontrol said.
The company wants to be a part of every grocery order in the country, Sagar Daryani, Co Founder and CEO was quoted as having said in Times of India.
According to Hari Menon, Co Founder and CEO, BigBasket, "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," the reports said.
A report by Research and Markets revealed that the frozen food market valued at Rs 98.79 billion in 2020 is anticipated to reach Rs 224.90 billion by 2025, expanding at a compound annual growth rate (CAGR) of 18.17 percent during the 2021 – 2025 period. The reasons for this exponential rise was due to the number of millennial and gen-Z consumers opting for convenience food. The report said there was improved awareness and acceptance of frozen food among the urban and semi-urban people are some of the significant factors that push the market forward. Development of the cold chain infrastructure in India and constant support are further propelling the market, the report said.
Wow!Momo was founded in 2008 by Sagar Daryani and Binod Homagai, two 21-year-old students in their undergraduate studies with an initial amount of Rs 30,000.