The premium ice cream brand, Hocco, backed by its Chona Family Office, has raised $10 million, launching the first tranche of a $20 million Series B round, with Sauce VC and investors betting on India’s food innovation, quick commerce, and consumer brand growth.

Founded by the Chona family, previously at the helm of Havmor, Hocco re-entered the premium ice cream market in October 2023, following the expiration of a non-compete agreement with South Korea’s Lotte Group. This fresh capital infusion marks a major step in its plan to hit INR 500 crore in revenue by FY25.

The company will use the funds to ramp up manufacturing, enhance distribution, and enter new Indian cities. A portion will also fuel innovative product development and strategic brand marketing. This Series B round arrives less than a year after Hocco secured $12 million in Series A, valuing the company at $70 million.

Ankit Chona, promoter of Hocco, said, “This fresh capital gives us the strength to dream bigger, reach farther, and serve many more with the joy of truly great ice cream.”

Legacy Meets Modern Appetite

With regional and global flavor offerings, Hocco has strategically placed itself across retail, QSR, and quick-commerce networks. Despite fierce competition from industry heavyweights like Amul, Vadilal, and HUL, the brand’s modern aesthetics and deep-rooted legacy provide a unique edge.

Manu Chandra, founder and managing partner of Sauce VC, said, “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.”

India’s premium ice cream segment now attracts intense investor attention. Brands like Walko Foods’ NIC, NOTO, Go Zero, Minus 30, and Hangyo have carved niches with regional or health-focused offerings. NIC alone raised $20 million in February 2024, while Hangyo brought in $25 million last year from Faering Capital.

According to Wazir Advisors, the Indian ice cream market will top $5 billion in FY25, fueled by shifting consumer habits and rising demand in Tier-2 and Tier-3 cities. As urban India embraces quick commerce and specialty consumer brands, investors continue to chase innovative ventures like Hocco.

HUL, meanwhile, plans to spin off its ice cream division, home to brands like Kwality Wall’s, into a separate listed company, signaling just how hot this market has become.

Hocco Racing Toward Ambition

Despite logging only INR 32.38 crore in revenue and an INR 20.23 crore loss in FY24, Hocco remains laser-focused on scaling its business with robust backing. The second tranche of its Series B round will close later this year, further powering its vision.

From legacy to innovation, from traditional retail to quick commerce, Hocco continues to blend nostalgia with novelty, serving up more than just ice cream.

Stay ahead of the curve and follow IndiaTechDesk on Facebook, Twitter and Linkedin for in-depth news of market trends, funding updates, and regulatory changes affecting startups in India.