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Premium ice cream maker Hocco has raised $10 million (about Rs 83 crore) in the first tranche of a $20 million Series B funding round. The round was co-led by the Chona Family Office—promoters of the brand—and consumer-focused venture firm Sauce VC, with the second tranche expected to close later this year.
The fresh infusion will go toward expanding Hocco’s manufacturing capacity, strengthening distribution networks, and entering new cities across India. The brand also plans to deepen its investment in product innovation and marketing to capture a larger slice of India’s growing appetite for premium food products.
“This fresh capital gives us the strength to dream bigger, reach farther, and serve many more with the joy of truly great ice cream,” said Ankit Chona, promoter of Hocco.
Chona’s family previously owned legacy brand Havmor, which was sold to South Korea’s Lotte Group in 2017 for around Rs 1,020 crore. Following a non-compete clause that expired in late 2022 (not 2019), the Chonas returned to the ice cream business by launching Hocco and began full commercial operations in October 2023.
Aiming for Rs 500 crore revenue
With a focus on regional and globally inspired flavours and a strong presence in retail, QSR, and quick-commerce channels, Hocco has positioned itself as a contemporary player with roots in legacy expertise. Despite competition from deep-pocketed incumbents like Amul, Vadilal, and Hindustan Unilever (HUL), Hocco is chasing an ambitious growth trajectory.
“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,” said Manu Chandra, founder and managing partner of Sauce VC.
“We are privileged to partner with this world-class team at a time when the market is witnessing robust growth, driven by improving disposable incomes and the rise of quick commerce.”
Rising competition
India’s premium ice cream segment has become one of the most competitive corners of the packaged-foods industry, buoyed by changing consumer habits, the expansion of e-grocery and delivery platforms, and rising demand in tier-2 and tier-3 cities.
A recent report by Wazir Advisors pegs the Indian ice cream market at over $5 billion in FY25. Startups such as Walko Foods’ NIC, Go Zero, NOTO, Minus 30, and Hangyo (which secured $25 million from Faering Capital in 2024) have all attracted investor attention in recent years.
In February, NIC raised $20 million in a round led by Jungle Ventures, following an earlier $11 million raise. Go Zero, which targets the mid-premium segment, is eyeing Rs 33 crore in revenue in FY25.
HUL is also spinning off its ice cream division—including brands like Kwality Wall’s—into a separate listed entity to sharpen its focus in the category.
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