Entrepreneur Name – Yasser Ali and Nayeer Hussain
About the Entrepreneur – Yasser, an American native who spent 24 years in the US, currently resides in Mumbai and works as a social worker, raising funds from Chicago. It was during this time that he met Nayeer Hussain, originally from Hyderabad but now living in Italy. Costanzo Malatto, the co-founder and technical director of the company, is the chef responsible for creating the various flavors of gelato.
LinkedIn Profile – https://www.linkedin.com/in/yasser-ali-41a81a17/
| Brand Name | Amore |
| Brand Website | https://www.amoregelato.com/ |
| Business Category | Gelato Ice cream |
Innovation – Yes, Amore Frozen Dessert Company has partnered with Gourmet Gelato Company to introduce a fresh dessert experience in the Indian market, utilizing genuine ingredients and adapting to local popularity and preferences.
The aim of Amore Gourmet Gelato is to provide an “Affordable Luxury” by offering distinct quality products at competitive prices, tapping into the customer’s fondness for Frozen Desserts.
| Company Valuation | ₹10 Crore |
| Equity Asked | ₹75 Lakhs for 4% Equity |
| Deal Closed | Yes |
| Final Shark Tank Deal | ₹75 Lakhs for 4% Equity |
| Target City/Country | India |
| Total Addressable Market | INR 194.1 Billion |
| Product | Italian Frozen Ice Cream |
About the Product – Amore is a vegetarian gelato brand that brings the beloved Italian treat to Mumbai. They use only natural ingredients to make their products and supply them to cafes and restaurants as a B2B business.
Amore’s goal is to provide affordable gelato to the Indian people, and their first shop opened in 1960 with expansion to India in 2006.
The average price for a scoop is 60 to 70 rupees, and they currently have six outlets. The COVID-19 pandemic caused a significant 95% decrease in sales, leading them to consider closing or pivoting their business model.
Ownership is divided with Yasser holding 50%, Nayeer with 30%, management with 5%, and an American angel investor with 15%.
Conclusion –
Yasser and Nayeer asked ₹75 Lakhs for 4% Equity. Shark Anupam offered ₹75 Lakhs for 7.5% Equity. It Concluded In a successful deal.
