Mama Mia, a Kolkata-based premium gelato brand, has raised an undisclosed amount in pre-Series A round of funding led by Pareto Capital, along with a clutch of High Net Worth Individuals from Mumbai, Delhi, Kolkata, for about 20 per cent stake.
With the current fund raise, the company plans to open more than 100 DSOs (delivery service outlets) across the country in the next 12 months.
“With the ever increasing health consciousness, Mama Mia! is perfectly poised to take on the dessert industry and become a household name,” Vikas Agarwal, co-founder and managing director at Pareto Capital, said.
Mama Mia! was founded 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, the company said.
“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 stated.
Whereas, 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.