Back
VCGuy
Believe me, it’s not... • 1d
India’s most underrated F&B entrepreneurs might just be the 'Chona family'. 🧊 1944 → Satish Chona (an engineer at BOAC) started "Have More" in Karachi — making ice cream by hand after work. Post-Partition, he moved to Ahmedabad(1950s): selling ice cream from a railway handcart. 'Have more' eventually evolved into 'Havmor'. '17 → 2L+ litres/day manufacturing, 150+ products across 14 states, 40,000+ retail outlets ⤷ ₹450 Cr+ revenue | ~8% of India’s organized ice cream market The Chonas sold Havmor to South Korea’s Lotte (yes, the Chocopie brand) for ₹1,020 Cr (all cash deal). They exited ice cream but kept their restaurant ice-cream vertical(Huber & Holly). Post non-compete, the Chonas re-entered ice cream with Hocco (House of Chona Collaborative). Hocco is already on a steep growth curve - ₹200–220 Cr revenue, Production scaled 9x in 12 months (now 1.3L litres/day), 15K+ touchpoints, 150+ parlors - QC = 8–10% of sales ⤷ Hero SKUs: mango-shaped mango (Amchi), caffeinated popsicles (Bijli), cake-based sandwiches (Bix), sugar-free and low-calorie variants Investor lineup includes⤵️ - '24: ₹100 Cr Series A @ ₹600 Cr valuation (led by Sauce VC + Chona Family Office) - '25: $10M raised as part of a $20M Series B (Farhan Akhtar + Ritesh Sidhwani) The Indian ice cream market is expected to cross ₹1L Cr by 2033 (16.7% CAGR). And the Chonas have built not one, but two serious brands in this space. ⏭️Sharp ops. Deep category insight. Premium positioning. Few Indian family businesses show this level of multi-generational execution.
Replies (2)
More like this
Recommendations from Medial
gray man
I'm just a normal gu... • 2m
Ice cream brand Hocco has raised $10 Mn (INR 85.56 Cr) as a part of its $20 Mn (INR 171.28 Cr) Series B funding round. The round was co-led by Chona family office and Sauce.vc The company plans to use the fresh capital primarily to expand its produc
See More
Kimiko
Startups | AI | info... • 3m
Indians consume only 1.6 litres of ice cream per capita versus an astounding 28.4 litres in New Zealand 🤯 The Indian ice cream and frozen dessert market is on a high-growth trajectory. At around $3.4 billion in FY2023, it is expanding at an estimat
See More
Aditya Arora
•
Faad Network • 11m
Meet the man who started with Rs 13,000 and built an 8000 CR Ice Cream brand. 1. RG Chandramogan was born near the firecracker town of Sivakasi. Although known for matchboxes, his life was in darkness. His father could not run a small provisional s
See More
EVINDIA
Stay updated with th... • 1m
Oben Electric Raises ₹100 Cr in Series A Round to Expand Affordable EVs Nationwide Bengaluru-based EV startup Oben Electric has secured ₹100 Cr in Series A funding, with an additional ₹50 Cr in extended Series A, bringing its total raise to ₹200 Cr.
See More
Download the medial app to read full posts, comements and news.