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

Entrackr · 12h

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.