Kolkata-based premium Gelato brand, ‘Mama Mia!, has raised an undisclosed amount for about 20% dilution in a Pre-Series A round.
Mama Mia! offers a diverse product portfolio that includes low fat Gelato (vegan and sugar-free options too!), Gelato cakes, mouth-watering Sundaes, thick Milkshakes, Mousses etc. These are all manufactured in-house with high quality ingredients sourced from around the world. Mama Mia!’s Gelatos are 100% natural, and substantially lower in fat compared to premium ice creams.
Two vibrant entrepreneurs, Akshat Singhania and Adhiraj Thirani, run the company. Akshat, a biotechnologist and a gastronome, is the force behind the company’s innovative product development and its’ creative flavors. Adhiraj, an alumni of MIT, USA, spearheads Mama Mia!’s brand building initiatives, product marketing and expansion strategy. Over the years, their complementary skills have created a distinctive, healthy and differentiated product. Together, they have laid a strong foundation for Mama Mia! to become a recognizable brand pan-India with a vision of becoming the go-to gourmet dessert brand for healthy, guilt free indulgences.
The Company currently has 25+ touch points across 5 cities through online and retail store formats. They boast a well-accepted bouquet of flavors with unique variations. The company has achieved 100%+ growth in online sales on a Q-on-Q basis ended June 2019 driven by 8 Delivery Service Outlets (DSO) in Kolkata and Bengaluru. With the current fund raise, the company plans to replicate this success story to 100+ DSOs across the country in the next 12 months.
Mumbai based Pareto Capital acted as sole advisor to the transaction. Pareto Capital was the lead investor to the round, along with a bunch of savvy High Net Worth Individuals based out of Mumbai, Kolkata and Delhi. “With the ever increasing health consciousness, Mama Mia! is perfectly poised to take on the dessert industry and become a household name” says Vikash Agarwal from Pareto Capital. Founded by veteran Investment Bankers, Pareto Capital (www.paretocapital.in) offers services across Investment Banking and Investor Relations Advisory and runs an asset management business.