Premium ice cream maker Hocco has successfully secured $10 million (approximately Rs 83 crore) in the first tranche of its $20 million Series B funding round. The investment was co-led by the Chona Family Office, the promoters behind the brand, alongside Sauce VC, a venture firm focused on consumer products. The second tranche of funding is anticipated to be finalized later this year.
The capital raised will primarily be allocated to enhance Hocco’s manufacturing capabilities and expand its distribution networks. The brand also aims to penetrate new cities across India, while investing further in product innovation and marketing strategies. This strategic move is intended to cater to the increasing consumer demand for premium food offerings in the country.
Building on Legacy Expertise
Ankit Chona, promoter of Hocco, expressed enthusiasm about the funding, stating that it empowers the team to aspire for greater heights and spread the joy of high-quality ice cream. The Chona family previously owned the well-known ice cream brand Havmor, which was sold to Lotte Group of South Korea in 2017. After a non-compete clause expired in late 2022, they re-entered the ice cream industry with the launch of Hocco, commencing full commercial operations in October 2023.
Hocco is on a mission to achieve revenues of Rs 500 crore by focusing on both regional and globally inspired flavors. With a robust presence in retail and quick-service restaurant channels, the company is positioning itself as a modern competitor drawing from its rich legacy. Despite facing stiff competition from established players like Amul and Hindustan Unilever, Hocco is determined to carve out its niche in the market.
Navigating a Competitive Landscape
The premium ice cream sector in India has seen significant growth, driven by evolving consumer preferences and the expansion of e-commerce. A report from Wazir Advisors estimates the Indian ice cream market will exceed $5 billion in FY25. Emerging startups, including NIC, Go Zero, and NOTO, have attracted considerable investor interest, indicating a vibrant and competitive environment.
In recent months, NIC raised $20 million in funding led by Jungle Ventures, while Go Zero aims to achieve Rs 33 crore in revenue for FY25. Furthermore, Hindustan Unilever is restructuring its ice cream division into a separate listed entity to sharpen its focus in this growing category.
