Mumbai-headquartered ice cream maker NOTO has raised $2 million in a pre-series an investment round that was co-founded by Rainmatter and White Whale Ventures. It intends to use this investment to expand its reach and bolster its presence in new areas. According to Zouk, the additional funds will also be used for product development and hiring.

NOTO claims to have an annual recurring revenue (ARR) of Rs 35 crore and aspires to reach Rs 50 crore by the end of this summer. It was founded in 2019 by husband-and-wife team Ashni and Varun Sheth. Previous to this investment round, it had raised Rs 4 crore from a group of investors that included WEH Ventures, Titan Capital, Rockstud Capital, VCAT (Venture Catalysts), and other angel investors.

“Through a combination of great products, attractive packaging, and affordable pricing, NOTO has garnered a loyal customer base and built a strong brand in a short period of time,” said Shapath Parikh, partner at White Whale Ventures. NOTO has got is presence in more than five cities - Mumbai, Bengaluru, Delhi, Pune, Chennai, Nagpur, Jaipur, Mangaluru and claims to be on track to become profitable by FY24.