Press Release

Tiger Global-backed WoW Momo appoints IFIM alumnus Mithun Appaiah as CEO

Mithun looks forward to creating a wow range of innovative FMCG products and scaling them across multiple channels and geographies bringing in a new phase of growth for the brand.

Bengaluru (India), 20th February 2023: India’s leading QSR brand WoW Momo Foods Ltd. appointed Mithun Appaiah as the CEO of their FMCG business. He holds an MBA in Business Administration and Management from IFIM Business School Bangalore and was the topper in marketing. IFIM now rechristened as Jagdish Seth School of Management (JAGSOM) is among the top 25 business schools in the country and one of the Top AACSB Accredited and Globally ranked b-School in India.

An FMCG expert in Food and Beverage industry, Mithun Appaiah has rich experience spanning across the spectrum of marketing, sales, key account management, customer marketing, business development, SCM, R&D, P&L management, developing new business channels, E-commerce, and start-up acceleration.

Over the last 2 decades, he has worked across verticals with leading brands like Nestle, UB Group, and Britannia and has also been instrumental in building brands like ID Fresh foods and Sumeru.

Prior to this appointment, Mithun Appaiah was the CEO and Executive Director at Innovative Foods Ltd, makers of the brand Sumeru. Under his leadership, the brand saw high double-digit revenue growths, first-in-market launches, profitability as well as enhanced distribution across channels. Under him, the company reduced losses and made profits for the first time ever in a decade for 2 years consistently also with a 40% growth in the last FY before quitting.

In his assignment as the Vice President of ID foods, the brand saw disruptive growth. Under his watch, the revenues, and retail footprint tripled in 2 years. He also pioneered a retail expansion in India and UAE, Disruptive Marketing, digital initiatives, new channel development, R&D as well as many first-in-the-industry concepts.

Commenting on his new role as CEO, Mr. Mithun Appaiah said, “WOW is a loved brand and has created huge consumer equity across the food vertical. I am excited to work with amazing people with the right vision and clarity to build a full-stack FMCG business under the brand WOW. This entrepreneurial journey of creating an FMCG vertical from scratch is what excites me the most’’.

In his new role, Mithun Appaiah will use his expertise across brands and roles to build an FMCG vertical with innovative categories across Momo’s, sauces, noodles, beverages, and many more.

He will also focus on creating a vertical for select global markets where the branded range of WoW would be marketed. WoW has already launched the Momo range across select channels and the results are very encouraging.

Appaiah has won several awards for excellence in Nestle, Britannia, and UB groups. He also mentors aspiring business managers and has mentored a few start-ups in the consumer space.

Sagar Daryani, Co-Founder and CEO of WoW foods Pvt Limited said, “At WoW Momo’s fast-food restaurants, we have been able to make Momo’s the all-time food. With our foray into FMCG, our aim is to make this food of all times, available to you all the time. For us FMCG is going to be the anchor of our next phase of growth; to take us from a share of cuisine to a share of stomach and leapfrogging to a share of grocery. We are confident that having crafted and lead growth stories with different kinds of FMCG brands, Mithun is a perfect fit. From Agility of strategy to nimble footed execution, Mithun fits the role as the captain of our new ship seamlessly”.

About Wow Momo: Launched in August 2008 the multi-billion-rupee QSR chain currently has over 500 outlets in 25 Indian cities; aims to enter over 100 cities soon. Wow! Momo Foods has recently raised Rs 125 crore in funding from private equity fund Oaks Asset Management at a Rs 266 million dollar valuation. In September 2021, the company raised around $17 million led by Tree Line Investment Management. Tree Line is a Hong Kong- and Singapore-based investment fund. It also raised funds from New York-based Tiger Global Management in 2019 and Lighthouse investments earlier than that.

About IFIM / JAGSOM: Jagdish Sheth School of Management (JAGSoM) is among the first 6 business schools in India to be awarded AACSB accreditation. It is Globally Ranked in the QS Business Masters Rankings 2022 for PGDM Marketing, PGDM Analytics, and PGDM Finance. JAGSoM has been ranked 28th across India and 12th in Future Orientation by Business Today, India’s best Business school ranking. Global Thinker & Padma Bhushan Awardee Dr. Jagdish Sheth accepted to have IFIM Business School Bangalore renamed as the Jagdish Sheth School of Management (the name change was implemented in 2020). Prof. Jagdish Sheth is globally known for his scholarly contributions to marketing, competitive strategy, and geopolitical analysis. Recognizing his achievements, the Government of India awarded him the prestigious Padma Bhushan Award in 2020.

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