Latest news with #Hocco
Entrepreneur
15-05-2025
- Business
- Entrepreneur
Hocco Scoops Up USD 10 Mn in Series B Round from Chona Family and Sauce VC
The newly raised capital will be used to expand manufacturing capacity, enter new markets across India, and strengthen Hocco's supply chain and distribution networks. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Premium ice cream brand Hocco has raised USD 10 million in its Series B funding round, co-led by the Chona Family Office and Sauce VC. The funding is part of a larger USD 20 million round and follows its USD 12 million Series A raise last year from the same investors, valuing the Ahmedabad-based brand at INR 600 crore (USD 70 million). The newly raised capital will be used to expand manufacturing capacity, enter new markets across India, and strengthen Hocco's supply chain and distribution networks. It will also support product innovation, including new flavour profiles, and amplify brand marketing to reach a wider consumer base. "This fundraise is not just about expanding capacity—it's about believing in the power of a homegrown brand to stand tall among the world's best," said Ankit Chona, Promoter of Hocco Ice Creams. "At Hocco, we've poured our hearts into every scoop, and this fresh capital gives us the strength to dream bigger, reach farther, and serve many more with the joy of truly great ice cream." Hocco was founded by the Chona family, who previously built the iconic Havmor brand. In less than two years, Hocco claims to have emerged as one of India's fastest-growing premium ice cream brands, capturing the imagination of younger, quality-conscious consumers. The company combines regional inspirations with global flavour fusions, offering a range of indulgent products that marry creativity with craftsmanship. Manu Chandra, Founder of Sauce VC, said, "Hocco's unparalleled scale-up journey reflects the deep expertise and goodwill the Chona family enjoys in the ice cream space. As India sees rising disposable incomes and access through quick commerce, we're privileged to partner with this world-class team." With this fundraise, Hocco is set to become a next-generation dairy and dessert powerhouse, honouring its legacy while redefining the ice cream experience for modern India.
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.'
Mint
15-05-2025
- Business
- Mint
Ice cream brand Hocco eyes sweeter spread with $10 million fundraise and pan-India ambition
Gujarat-based premium ice cream brand Hocco, founded by the Chona family, has raised $10 million (approx ₹ 85 crore) as part of a larger $20 million Series B round, co-led by the Chona Family Office and consumer-focused investor Sauce VC. The capital will be used to increase production capacity, expand into new markets across India, and prepare for a potential intial public offering (IPO), promoter Ankit Chona said in an interview with Mint. The Chona family, former promoters of Havmor Ice Cream—sold to South Korea's Lotte Confectionery in 2017 for ₹ 1,020 crore—re-entered the market in 2023 with Hocco. Initially focusing on Gujarat and parts of western and northern India, the brand has been selling through retail stores, quick commerce platforms, and select ice cream parlours. With the latest infusion, Hocco has raised about ₹ 265 crore to date and plans to double production capacity from 1,30,000 litres per day to 2,50,000 litres, Chona said. 'This will help double our revenues next year,' he added. Hocco closed FY25 with revenue of ₹ 220 crore. While Chona confirmed plans for a public listing, he did not specify a timeline. The family currently retains an 80% stake, and the next round is expected to be led by an institutional investor. India's ₹ 28,000 crore ice cream market is projected to exceed ₹ 42,700 crore by FY25, growing at an annual growth rate of 12-15%, according to consulting firm Technopak Advisors. The demand is driven by rising disposable incomes, flavour innovation, and expanding reach via quick commerce. 'India's ice cream market is undergoing a transformation,' according to a 2024 note by Technopak Advisors. 'New-age brands are finding traction by offering premium, preservative-free products that appeal to Gen Z and the upper-middle class.' Hocco is entering a space dominated by Amul, Kwality Wall's, Baskin Robbins, Natural's, and Vadilal, while new-age competitors include Cold Love and Minus.30. Earlier this year, HUL spun off Kwality Wall's (India) into a separate listed entity to unlock shareholder value and focus more sharply on the ice cream category. 'India is a fast-growing ice cream market, and we're privileged to back this world-class team on their next phase of growth,' said Manu Chandra, Founder of Sauce VC. The Chona family's legacy dates back to 1944, when it began with an ice cream shop in Karachi. Post-Havmor, the family has built a diversified investment portfolio, including stakes in Mokobara (luggage), Kreo (gaming accessories), Neuron Energy (EV batteries), and Vadham Tea, deploying an estimated ₹ 250 crore in over a dozen unlisted firms (excluding Hocco).
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.
