Amore Gelato ₹ 75 Lakhs for 7.5% Equity Win on Shark Tank India

Amore Gelato is a company that specializes in making 100% vegetarian ice cream, including options for vegans. They supply their delicious treats to hotels, restaurants, and cafes. Their goal is to provide affordable ice cream to people in India. The ice creams are created in partnership with an award-winning Italian Gelato Chef. The business began operating in India in 2006 and initially had 6 gelato parlours. However, they have now shifted their focus to producing pre-packaged products.

Click here to visit their official website: Amore Gelato

In September 2022, Amore Gelato made a total of ₹35 lakhs in revenue, with ₹5 lakhs coming from business-to-business sales and the remaining amount from their traditional parlours. Prior to the pandemic, the founders shared that the company was earning ₹6 crores annually. However, due to Covid restrictions, they were forced to change their strategy in order to survive. To support their endeavors, they successfully raised $300,000, which is approximately ₹2.2 crores at a valuation of ₹7.3 crores. As part of the investment, they diluted 15% of the company’s ownership.

Related: Skippi Ice Pops Achieves 40X Sales Surge After Shark Tank Debut

Yasser Ali and Nayyer Hussain started Amore Gelato. Yasser is from America and lives in Mumbai, while Nayyer is from Hyderabad but resides in Italy. Yasser owns half of the company, and Nayyer owns 30% of it.

Vineeta didn’t want to continue with the deal because the business was still in its early stages. Amit thought that the business wouldn’t grow much, but he still had a passion for starting new businesses, so he also stepped back from the discussions. Namita felt that the business would take a long time to become successful, so she also decided not to be part of the deal. Aman wasn’t interested in the particular market, so he chose not to continue with the deal as well.

Later on, Anupam also decided not to invest because he didn’t think the business was making enough money to be worth the investment. However, the founders proposed a target of reaching ₹80 Lakh in monthly sales by March 2023. Anupam then offered to invest ₹75 Lakhs for a 7.5% share of the company if the company could achieve this target, and the founders agreed to this offer without any hesitation.

Our investigation of the company unveiled that the agreement they made on Shark Tank with Anupam did not get finalized after the show was aired. Regardless, the company is still operating by July  2024 and is growing quickly. They currently have multiple stores in four cities: Mumbai, Delhi, Bengaluru, and Pune, in addition to their online operations. Although we do not have access to their financial records at the moment, we will provide updates to this article once more information becomes available.