Hocco Raises $10 Million in Series B Funding Round
• Hocco has secured 20 million Series B funding round
• Hocco aims to capture a growing share of $5 billion by FY25.
• The brand is positioned to compete against established players like Amul and Hindustan Unilever
High-end ice cream brand Hocco has raised $10 million (approximately Rs 83 crore) in the first tranche of a $20 million Series B funding round. The round was co-led by the Chona Family Office promoters of the brand and consumer-focused venture fund Sauce VC, with the second tranche to close later this year.
The new injection will be used to increase Hocco's manufacturing capacity, strengthen distribution channels, and enter new Indian cities. The company will also further invest in product innovation and marketing to secure an increasing share of India's expanding appetite for premium food.
"This new capital provides us the power to dream bigger, stretch further, and serve many more with the delight of really fantastic ice cream," said Ankit Chona, founder of Hocco.
Chona's family had earlier owned heritage brand Havmor, which was acquired by South Korea's Lotte Group for about Rs 1,020 crore in 2017. After a non-compete agreement ended sometime late in 2022 (and not in 2019), the Chonas got back into the ice cream space by starting Hocco and started full commercial sales in October 2023.
With an emphasis on regional and internationally inspired flavors and a strong retail, QSR, and quick-commerce push, Hocco is established as a modern player with a foundation in legacy know-how. Irrespective of being up against deep-pocketed challengers such as Amul, Vadilal, and Hindustan Unilever (HUL), Hocco is pursuing an aggressive growth path.
"Hocco's unparalleled scale-up journey in less than two years reflects the deep expertise and goodwill the Chona family enjoys in the ice cream space,” said Manu Chandra, founder and managing partner of Sauce VC.
“We are privileged to partner with this world-class team at a time when the market is witnessing robust growth, driven by improving disposable incomes and the rise of quick commerce.”
India's premium ice cream market is now one of the most competitive niches in the packaged-foods space, driven by shifting consumer behavior, the proliferation of e-grocery and delivery platforms, and increasing demand in tier-2 and tier-3 cities.
A recent Wazir Advisors report estimates the Indian ice cream market at over $5 billion in FY25. Start-ups like Walko Foods' NIC, Go Zero, NOTO, Minus 30, and Hangyo have all seen investor interest in recent years.
NIC raised $20 million in February in a Jungle Ventures-led round after an earlier $11 million raise. Go Zero, which competes in the mid-premium space, is looking to clock Rs 33 crore in FY25 revenue.
HUL is also demerging its ice cream business comprising brands such as Kwality Wall's into an independent listed company in order to focus intensely on the category.
• Hocco aims to capture a growing share of $5 billion by FY25.
• The brand is positioned to compete against established players like Amul and Hindustan Unilever
High-end ice cream brand Hocco has raised $10 million (approximately Rs 83 crore) in the first tranche of a $20 million Series B funding round. The round was co-led by the Chona Family Office promoters of the brand and consumer-focused venture fund Sauce VC, with the second tranche to close later this year.
The new injection will be used to increase Hocco's manufacturing capacity, strengthen distribution channels, and enter new Indian cities. The company will also further invest in product innovation and marketing to secure an increasing share of India's expanding appetite for premium food.
"This new capital provides us the power to dream bigger, stretch further, and serve many more with the delight of really fantastic ice cream," said Ankit Chona, founder of Hocco.
Chona's family had earlier owned heritage brand Havmor, which was acquired by South Korea's Lotte Group for about Rs 1,020 crore in 2017. After a non-compete agreement ended sometime late in 2022 (and not in 2019), the Chonas got back into the ice cream space by starting Hocco and started full commercial sales in October 2023.
With an emphasis on regional and internationally inspired flavors and a strong retail, QSR, and quick-commerce push, Hocco is established as a modern player with a foundation in legacy know-how. Irrespective of being up against deep-pocketed challengers such as Amul, Vadilal, and Hindustan Unilever (HUL), Hocco is pursuing an aggressive growth path.
"Hocco's unparalleled scale-up journey in less than two years reflects the deep expertise and goodwill the Chona family enjoys in the ice cream space,” said Manu Chandra, founder and managing partner of Sauce VC.
“We are privileged to partner with this world-class team at a time when the market is witnessing robust growth, driven by improving disposable incomes and the rise of quick commerce.”
India's premium ice cream market is now one of the most competitive niches in the packaged-foods space, driven by shifting consumer behavior, the proliferation of e-grocery and delivery platforms, and increasing demand in tier-2 and tier-3 cities.
A recent Wazir Advisors report estimates the Indian ice cream market at over $5 billion in FY25. Start-ups like Walko Foods' NIC, Go Zero, NOTO, Minus 30, and Hangyo have all seen investor interest in recent years.
NIC raised $20 million in February in a Jungle Ventures-led round after an earlier $11 million raise. Go Zero, which competes in the mid-premium space, is looking to clock Rs 33 crore in FY25 revenue.
HUL is also demerging its ice cream business comprising brands such as Kwality Wall's into an independent listed company in order to focus intensely on the category.
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