[Funding alert] Premium dessert brand Mama Mia! raises Pre-Series A round led by Pareto Capital
Kolkata-based premium gelato brand, Mama Mia! has raised an undisclosed amount in a Pre-Series A round of funding led by Pareto Capital, along with a bunch of High Net Worth Individuals based out of Mumbai, Kolkata and Delhi, for about 20 percent stake.
Commenting on the investment, Vikash Agarwal, Co-founder and Managing Director, Pareto Capital, said,
“With the ever increasing health consciousness, Mama Mia! is perfectly poised to take on the dessert industry and become a household name.”
Mama Mia! was established in 2005, but it was taken over by Akshat Singhania and Adhiraj Thirani in 2014. The company 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.
The startup claims all products are 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, it said in a release.
The company currently has 25+ touch points across 5 cities through online and retail store formats. It claims to have achieved over 100 percent 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 open more than 100 DSOs across the country in the next 12 months.
Akshat, a biotechnologist and a gastronome, is the force behind the company’s product development and its’ creative flavors. Adhiraj, an alumni of MIT, USA, spearheads Mama Mia!’s brand building initiatives, product marketing and expansion strategy.
"Together, they have laid a strong foundation for Mama Mia! to become a recognisable brand pan-India with a vision of becoming the go-to gourmet dessert brand for healthy, guilt free indulgences," the company added.
In May 2019, Drums Food International, the parent company of flavoured and greek yoghurt brand, Epigamia, secured an undisclosed amount from actor Deepika Padukone.
(Edited by Rekha Balakrishnan)