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Time of India
15-05-2025
- Business
- Time of India
Homegrown ice cream manufacturer Hocco scoops up $10mn in series B funding for expansions
Ankit Chona, MD, Hocco Ice Cream AHMEDABAD: Homegrown ice cream manufacturer from Gujarat, Hocco Ice Creams, has scooped up a fresh round of funding—$10 million in the first tranche of its Series B round—as it aims to raise a total of Rs 300 crore ($20–25 million). The round is co-led by the Chona Family Office and Sauce VC, providing the brand with serious firepower for future expansions. 'The lion's share of this round came from the Chona Family Office. We expect to close another $10–15 million soon. There's still price discovery happening, but the interest is strong,' said Ankit Chona , MD of Hocco Ice Creams Private Limited. 'Already churning out 1.3 lakh litres of ice cream daily, we are on track to nearly double that capacity to 2.5 lakh litres per day by early 2026 and be ready to cater to more demand by next summer. The fresh capital infusion will go toward ramping up manufacturing capacities, expanding distribution, strengthening our presence in existing markets, and entering new ones,' he added. With a Rs 200 crore push into plant upgrades, retail expansion, and brand building, Hocco is well-positioned to capture the summer sweet spot with new product launches. Earlier this month, the brand quietly soft-launched Bijlee—India's first caffeinated ice candy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The New £23 per Month Private Medical Insurance That's Sweeping the UK Private Medical Plans Get Quote Undo With the latest funding round, the company plans to continue product innovation, develop new flavour profiles, and scale up brand marketing initiatives to reach a wider audience. Hocco's current footprint spans Gujarat, Maharashtra, Rajasthan, parts of Madhya Pradesh , and the NCR region. 'For our next phase, we're eyeing expansion into Uttar Pradesh , Punjab, Chhattisgarh, and Goa—along with deeper penetration across MP and a foray into Telangana. We're focusing on growing in tier-2 and tier-3 markets where premium offerings are now aspirational,' Chona further explained. Sauce VC's founder Manu Chandra echoed the optimism, saying, 'Hocco's scale-up journey in under two years is remarkable. With rising disposable incomes and new-age platforms like quick commerce driving access, the timing is perfect. We're thrilled to back this world-class team.'
Time of India
15-05-2025
- Business
- Time of India
Ice cream brand Hocco raises $10 mn in Series B; eyes Rs 450 cr revenue, national expansion
New Delhi: Ice cream brand Hocco has raised USD 10 million in the first tranche of its Series B funding round, co-led by the Chona Family Office and Sauce VC, shared a senior official of the company. The Ahmedabad-based company plans to use the capital to double production capacity, strengthen cold-chain infrastructure, and expand into new markets across India. Talking to ETRetail, Ankit Chona , founder and managing director, Hocco Ice Creams, said, "We've raised 10 million and are going to do between 18 - 20 million dollars of total fundraise in Series B." The remaining USD 10 million of the round is expected to be raised by January next year, with discussions already underway with existing investors and global funds. 'Sauce is committed to the next round as well. We as a family will not be participating in the next round, but we are speaking to some global funds too,' Chona added. Hocco, which started in October 2023, has raised about USD 30 million to date, including the current tranche. The company closed its first full financial year (FY25) with Rs 220 crore in revenue, and is targeting Rs 420 – Rs 450 crore revenue for FY26. The Chona family earlier owned legacy brand Havmor , which they sold to Lotte in 2017 for Rs 1,020 crore. Commenting on their market expansion, Chona said, 'We are currently in Gujarat, which is our biggest market, but we've also launched in parts of the North - Delhi NCR, Western UP, Rajasthan, MP, Maharashtra. With these funds, we will launch across UP and potentially enter Punjab and Chhattisgarh as well.' The company is also scaling its retail footprint, with nearly 200 distributors and over 250 member sales teams. It has begun opening company-owned experience zones, including two parlours recently launched in Delhi. Hocco's quick commerce sales have surged, contributing 20 per cent of overall revenue. Chona added that the remaining 80 per cent comes from general trade.
