The $2-billion CG Corp Global is targeting ₹1,000 crore from its QSR business under Wai Wai City by 2025.
With plans of taking its QSR-based noodle bar outlets to the overseas markets like West Asia and the US, Wai Wai, which currently has about 30 outlets, has already invested ₹50 crore and expects to add another ₹250 crore as it goes global with Wai Wai City.
Pannkaj Neeraj, CEO, CG Speciality Restaurants, said: “We already have our distributors in the overseas markets for our Wai Wai packaged brand and these distributors are expected to take up the master franchise rights for Wai Wai City. We expect to have 100 outlets in the overseas markets in the next two years with about 50 in West Asia and 30 in the United States.’’ In the domestic market, it has already been running as a franchise model and believes in encouraging entrepreneurship by functioning as a start-up in the QSR business.
Varun Chaudhary, Managing Director, said: “We want to run Wai Wai City as the largest noodle start-up since the franchisees are young kids who want to become entrepreneurs and we are giving them a platform.’’
In fact, even in the overseas market, it would be inviting the large Indian and Nepalese population to take up its franchise to promote entrepreneurship within the ethnic community.
It has already signed 490 franchises in the domestic market and currently has about 30 Wai Wai City noodle bars in places as far flung as Assam to the metro markets like Delhi and Mumbai.
Wai Wai City noodle bars are in three formats and each will need an investment of at least ₹50 lakh.
Its packaged brand of Wai Wai noodles is already generating revenues of ₹700 crore. It is pitted against market leader Maggi and claims to be the Number Two player with a 27 per cent share in the ₹2,000-crore noodles category.
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