🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

John Abraham-backed NOTO Ice Cream raises Rs 15 Cr

EntrackrEntrackr · 6m ago
John Abraham-backed NOTO Ice Cream raises Rs 15 Cr
Medial

John Abraham-backed NOTO Ice Cream has raised Rs 15 crore ($1.75 million) in a growth funding round led by Inflection Point Ventures (IPV), with participation from JITO Incubation and Innovation Foundation and LetsVenture. Prior to this, the Mumbai-based brand had raised Rs 4 crore in a pre-Series A round, which saw investments from Titan Capital, Rockstud Capital, Bollywood actor John Abraham, WEH Ventures, and other angel investors. The proceeds from this round will be used to accelerate expansion into Tier 1 and Tier 2 cities, drive product innovation, strengthen marketing efforts, and enhance offline presence to increase brand awareness, NOTO stated in a press release. Co-founded in 2019 by Varun and Ashni Sheth, NOTO Ice Cream aims to revolutionize the ice cream industry by offering indulgent yet healthy options that do not compromise on taste. The brand focuses on providing healthier alternatives without sacrificing flavor. It offers ice creams that are low-calorie, high-protein, and contain little to no sugar, allowing health-conscious consumers to indulge guilt-free. NOTO’s product range includes ice cream tubs and popsicles, Greek yogurt cheesecakes, and vitamin C-fortified fruit popsicles. The brand claims that its ice creams contain prebiotic fiber and protein and have no preservatives, artificial sweeteners, flavors, or colors, with 75% less sugar than regular ice cream. NOTO’s products are available on delivery platforms such as Swiggy, Zomato, Zepto, BigBasket, Instamart, and Blinkit. The company is also planning to expand its offline presence to reduce dependency on a single sales channel. According to market research, the Indian ice cream market was valued at Rs 228.6 billion in 2023 and is projected to reach Rs 956 billion by 2032. NOTO has already expanded across Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune, with plans to scale into Ahmedabad, Kolkata, and Lucknow. The brand competes with other players in the healthy ice cream space, including Habit Health, Get-A-Whey, Good Fettle, Papacream, and Nomou, among others.

Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X

EntrackrEntrackr · 5m ago
Hangyo nears Rs 300 Cr revenue in FY24; profit spikes 2X
Medial

Hangyo Ice Cream secured India's largest venture funding for an ice cream brand, raising $25 million from Faering Capital in August last year. The investment was driven by the company’s expanding scale, as it surpassed Rs 300 crore in revenue in FY24 while maintaining profitability. Hangyo’s revenue from operations grew 23.5% year-on-year to Rs 294 crore in FY24 from Rs 238 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice creams, tubs, and kulfis across general trade, modern trade, and online channels including quick commerce apps. Income from the sale of ice creams is the sole source of revenue for Hangyo in FY24. For the ice cream seller, the cost of procurement was the largest cost center forming 57% of its overall expenditure. This cost grew by 9.1% to Rs 168 crore in FY24. The employee benefits also saw a surge of 38.9% to Rs 25 crore in the previous fiscal (FY24). Its power, fuel, advertising, transportation/distribution, traveling, and other overheads drove the total expenditure up by 23.5% to Rs 294 crore in FY24 from Rs 238 crore in FY23. The decent scale and controlled costs helped Hangyo to register a 2.1X surge in its profits to Rs 11.8 crore in FY24, compared to Rs 5.6 crore in FY23. At a unit level, it spent Rs 0.95 to earn a rupee. Its ROCE and EBITDA margins improved to 28.77% and 11.86% respectively. By the end of FY24, its total current assets stood at 59 crore. Hangyo has raised a total of $30 million to date including $5 million from Capvent Partners in 2013. Over the past two years, several new-age and established ice cream brands, including Hocco, Go Zero, and NIC, have secured significant funding. Hocco raised $12 million from the Chona family and others, while NIC secured $31 million across two rounds. Mumbai-based Go Zero also raised $2.5 million through two funding rounds.

Ice cream brand Hocco raises $10 Mn in first close of Series B round

EntrackrEntrackr · 3m ago
Ice cream brand Hocco raises $10 Mn in first close of Series B round
Medial

Premium ice cream brand Hocco has raised $10 million as the first tranche of its $20 million Series B round, co-led by promoter Chona Family Office and consumer-focused venture capital firm Sauce VC. The fresh round has come within a year for the Ahmedabad-based company. It scooped up $12 million in its Series A round from the same investors at a valuation of Rs 600 crore ($70 million). The company said the second close of the round is expected later this year. The fresh funds will be deployed towards expanding Hocco’s manufacturing capacity, strengthening distribution networks, and entering new markets across India. A portion of the capital will also be allocated to new product development and brand marketing. Founded by the Chona family — former owners of legacy ice cream brand Havmor — Hocco offers a mix of regional and globally inspired flavours across retail, QSR, and quick commerce channels. The company aims to close FY25 with Rs 500 crore in revenue. According to startup data intelligence platform TheKredible, it reported only Rs 32.38 crore in revenue in FY24 with a Rs 20.23 crore loss. Besides legacy players such as Amul, Vadilal, and Hindustan Unilever (HUL), Hocco competes with new-age ice cream brands such as Walko Foods’ NIC, Hangyo, Go Zero, NOTO Ice Cream, among others. In February 2024, NIC raised $20 million in a new funding round led by Jungle Ventures, a year after raising $11 million led by the same investor. Last year, Hangyo raised $25 million (around Rs 211 crore) from Faering Capital. NOTO and Go Zero also announced their initial fundraises.

Download the medial app to read full posts, comements and news.