Amore Gelato Shark Tank Pitch:
Amore Gelato is a Gelato company which makes 100% vegetarian Ice-cream including vegan options. They supply Hotels, restaurants and Cafes. Their mission is to sell affordable ice cream to India. Ice-creams are made in collaboration with an Award-winning Italian Gelato Chef. In 2006, They started selling in India. They had 6 Gelato parlours but they are mainly focusing on making pre-packaged products moving forward.
Amore Gelato made ₹35 Lakhs in September 2022 out of which ₹5 lakhs came from B2B and rest from their traditional parlours. the founders shared that they made ₹6 Crores annually before the pandemic and they had to shift their strategy after they almost ran out of business due to Covid restrictions. They also have raised 300 thousand dollars which would be about ₹2.2 Crores at ₹7.3 Crore valuation for which they diluted 15% of the company.
Amore Gelato Shark Tank Negotiations & Funding:
Vineeta went out of the deal due to an early stage of the business. Amit didn’t think they could scale this business but its more or so a passion for entrepreneurs therefore he steps out of negotiations. Namita thinks it would be a long journey which she is not willing to be part of therefore she also went out of the deal. Aman goes out of the deal because he is not interested in this market.
Anupam went out of the deal because he thought the company wasn’t making enough money to value them over a couple of crores therefore there is no point in offering any investment. The founders suggest that what if they achieve ₹80 Lakh per month sales by March 2023? Anupam put out an offer on the condition of ₹75 Lakhs for 7.5% of the company which the founders accepted without any hesitation.
Who are the founders of Amore Gelato?
Yasser Ali & Nayyer Hussain founded Amore Gelato. Yasser is from America and lives in Mumbai while Nayyer is from Hyderabad but lives in Italy. Yasser holds 50% equity in the company and Nayyer holds 30%.
How is Amore Gelato doing after Shark Tank India?
Our research into the company revealed that its Shark Tank deal with Anupam did not close after the show aired. Despite that company is still in business as of December 2023 and they are expanding rapidly. Currently, they have several parlours in 4 cities Mumbai, Delhi, Bengaluru and Pune along with their online business.
While their financials are not yet available, we will update this article as soon as more information comes to light.
Source: Instagram @amoregourmetgelato
Here are other companies from Season 2 Episode 24.
LeafyAffairs
Update coming soon!
1 thought on “How is Amore Gelato doing after Shark Tank India?”