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

EntrackrEntrackr · 4m 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.

Human finger fallout: Yummo ice cream off quick commerce shelves

Economic TimesEconomic Times · 1y ago
Human finger fallout: Yummo ice cream off quick commerce shelves
Medial

Products from ice cream brand Yummo, which faced controversy after a human finger was found in one of its packs, have been removed from quick commerce platforms Blinkit and Zepto. Local authorities in Mumbai are investigating the incident, and the customer who discovered the finger has filed a police complaint. Yummo products will remain unavailable until the investigation is concluded. The parent company, Walko Foods, has ceased production at the third-party facility responsible for the contaminated product. Other ice cream brands under Walko Foods, such as NIC, are still available on the platforms. This incident highlights concerns over food safety in quick commerce platforms, prompting tighter regulations by food safety regulators.

Ice cream brand Go Zero raises $1.5 Mn

EntrackrEntrackr · 1y ago
Ice cream brand Go Zero raises $1.5 Mn
Medial

Ice cream brand Go Zero has raised $1.5 million in its follow-on pre-Series A funding round from DSG Consumer Partners, Saama, and V3 Ventures, among others. The round also saw participation from notable angel investors such as Arjun Purkayastha. Earlier in August last year, the startup had raised $1 million in its pre-Series A funding round led by DSG Consumer Partners, Saama, and V3 Ventures. Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. The startup claims that all its products are sweetened with plant-based sweeteners, which are low in calories. Currently present in 16 cities and over 125 dark stores, Go Zero ice cream brand is available on both quick commerce and e-commerce platforms in less than two years of launch. In FY24, Go Zero claims to have grown 4X compared to FY23 and while it saw 7X growth on quick commerce in just 5 months this summer. Go Zero competes with Hocco and NIC. Last year, NIC had raised $11 million in a growth funding round led by Jungle Ventures whereas Hocco recently raised $12 million from Chona family and others.

Walko Food's NIC raises $20 Mn led by Jungle Ventures

EntrackrEntrackr · 1y ago
Walko Food's NIC raises $20 Mn led by Jungle Ventures
Medial

Walko Food’s NIC, an ice cream brand and a quick-service restaurant (QSR) company, has raised $20 million in a new funding round led by existing investor Jungle Ventures. This is Jungle’s second investment into Walko Food within less than 12 months. The Singapore-based VC firm led a $11 million round in Walko in May last year. The latest round of capital will further propel Walko’s expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market, the company said in a press release. Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko sells premium ice creams, kulfis, frozen desserts and thick shakes via its brands including, NIC, Grameen Kulfi, Yummo, and Cream Pot. The products are available on food tech and quick commerce platforms such as Instamart, Zomato, Swiggy, and Blinkit, among others. Walko claims that it has achieved a CAGR of 90% in the last five years and has a presence in over 100 cities across India. Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify brand presence and it also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream. NIC competes with new-age as well as established brands such as Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul and Vadilal. NIC’s revenue from operations increased 32% to Rs 170 crore during FY23 as compared to Rs 128 crore in FY22. As per the company’s consolidated financial statement, the firm posted Rs 26.55 crore loss in FY23 against Rs 85 lakh profit in the previous year. Jungle Ventures backs startups from early to growth to IPO stage. Its portfolio includes Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and others.

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