Ahmedabad, India – Premium ice cream brand Hocco has secured $10 million in the first close of its $20 million Series B funding round, co-led by the Chona Family Office and consumer-focused VC firm Sauce VC. This fresh capital infusion comes less than a year after the brand raised $12 million in Series A, also from the same investors, at a valuation of ₹600 crore (~$70 million).
The latest funding will support Hocco’s aggressive expansion plans, including scaling its manufacturing capacity, strengthening its distribution network, and entering new regional markets across India. A portion of the funds will also be directed towards new product development and brand marketing initiatives.
Founded by the Chona family, the original creators of legacy ice cream brand Havmor, Hocco has quickly emerged as a modern challenger in India’s competitive frozen dessert landscape. The company offers a curated range of regionally inspired and globally influenced ice cream flavors, distributed through retail stores, quick service restaurants (QSRs), and quick commerce platforms.
With ambitious growth targets, Hocco aims to reach ₹500 crore in revenue by FY25, a sharp leap from its reported ₹32.38 crore revenue in FY24, according to data from TheKredible. The brand also posted a ₹20.23 crore loss in FY24 as it continued to invest heavily in operations and market presence.
Hocco competes with established industry giants such as Amul, Vadilal, and Hindustan Unilever (HUL), along with rising D2C and premium brands like NIC Ice Cream (Walko Foods), Hangyo, NOTO Ice Cream, and Go Zero. The Indian premium ice cream space has seen a surge in investor interest: NIC raised $20 million in February 2024 from Jungle Ventures, following an $11 million round the previous year, while Hangyo secured $25 million from Faering Capital.
The second close of Hocco’s Series B round is expected later this year as the company continues to attract interest from growth-stage investors looking to tap into India’s booming consumer and food sectors
