In a recent episode of Shark Tank India, the founders of Amore, an authentic vegetarian gelato and sorbet company, presented their pitch to the sharks. The founders, Yasser Ali, and Nayeer Hussain met each other while Yasser was working as a social worker in Mumbai. They were later joined by Costanzo Malatto, the co-founder and technical director, who is a chef and prepares a variety of gelatos.
Amore is a B2B business that supplies its natural and affordable gelato products to cafes, restaurants, and other food establishments. Their vision is to make gelato accessible to the Indian people, and they have been successful in their efforts so far. They started in India in 2006, and now have six outlets across the country. The first shop was set up in 1960, and they have come a long way since then.
Before the COVID-19 pandemic, Amore had an annual revenue of 6 crore rupees. However, during the pandemic, their sales dropped by a staggering 95%, causing the founders to consider closing or transforming the business. Despite the setback, they projected revenue of 6 crore rupees for the current year and 21 crore rupees for the next year. They plan to expand in five major cities in India: Hyderabad, Mumbai, Pune, Bengaluru, and Delhi.
During their pitch, the founders asked for 75 lakhs rupees for 4% equity in the company. The sharks were interested in their unique business model and natural products, and Anupam made an offer of 75 lakhs for 7.5% equity, with the condition that Amore would make a revenue of 80 lakhs rupees per month before March 2023. The founders accepted the offer, and the deal was finalized.
The success of Amore is a testament to the founders' hard work and dedication to making authentic and natural gelato accessible to the Indian people. Their unique business model and affordable pricing have helped them build a loyal customer base, and their expansion plans are exciting. It will be interesting to see how they navigate the challenges of the pandemic and continue to grow their business in the coming years.
The story of Amore's success is not just about the founders' vision and hard work, but also about the cultural significance of gelato in Italy. Gelato is a popular dessert in Italy, and Amore has successfully brought this culture to India. By using natural ingredients and making their products affordable, they have made gelato accessible to people who might not have had the opportunity to try it otherwise. In a way, Amore has become a cultural ambassador, introducing a part of Italian culture to India.
The founders' journey is also inspiring because of the challenges they faced during the pandemic. Like many other businesses, they suffered a significant loss of revenue and had to think creatively to keep their business afloat. It is because of their resilience and determination that they were able to project revenue of 6 crore rupees for the current year, despite the challenges they faced.
The sharks' interest in Amore's unique business model and natural products also highlights a growing trend toward sustainable and ethical business practices. Consumers are increasingly looking for businesses that prioritize the use of natural and organic ingredients, and are willing to pay more for products that meet these standards. Amore's success shows that there is a market for businesses that prioritize ethical and sustainable practices and that these businesses can be profitable.
In addition to their commitment to using natural ingredients and traditional methods of production, Amore also places a strong emphasis on sustainability. The company sources its ingredients locally whenever possible, and uses biodegradable packaging to reduce its environmental impact. The company has won numerous awards for its innovative business model and social impact, including the prestigious Entrepreneur of the Year award in 2019.
Here are some key learnings that businesses can take away from the success of Amore:
- Prioritize your values: Amore's success is built on a foundation of values such as authenticity, sustainability, and social impact. By prioritizing these values, they were able to create a unique and compelling brand that resonates with customers. Identify the values that are important to your business, and make sure they are reflected in every aspect of your operations.
- Adapt to changing circumstances: The COVID-19 pandemic presented a significant challenge for Amore, but the founders were able to think creatively and pivot their business to keep it afloat. Be prepared to adapt your business model as circumstances change, and don't be afraid to try new things.
- Build a strong team: The founders of Amore were able to build a strong team with complementary skills, which was key to their success. Surround yourself with talented and motivated people who share your vision, and empower them to contribute to the success of the business.
- Focus on customer experience: Amore's commitment to providing high-quality, affordable gelato products helped them build a loyal customer base. Make sure that you are consistently delivering a great customer experience, and listen to feedback from your customers to identify areas for improvement.
- Embrace sustainability: Amore's focus on sustainability has helped them appeal to customers who are increasingly concerned about environmental issues. Consider ways that your business can reduce its environmental impact, such as sourcing local ingredients and using eco-friendly packaging.