Hocco, the Ahmedabad-based premium ice cream brand founded by the Chona family, has raised $10 million in the first tranche of its $20 million Series B funding round. The round is co-led by the Chona Family Office and Sauce VC, a consumer-focused venture capital firm .
Background
The Chona family, former owners of the legacy brand Havmor, re-entered the ice cream market with Hocco in 2023 after selling Havmor to South Korea’s Lotte Confectionery in 2017 for ₹1,020 crore . Since its inception, Hocco has positioned itself as a premium brand offering preservative-free ice creams with a mix of regional and globally inspired flavors.
Utilization of Funds
The freshly infused capital will be utilized to:
- Double production capacity from 1.3 lakh litres per day to 2.5 lakh litres per day.
- Expand into new markets across India, including Uttar Pradesh, Punjab, and Chhattisgarh.
- Strengthen distribution networks and cold-chain infrastructure.
- Invest in product innovation, developing new flavors tailored to regional tastes.
- Enhance brand marketing initiatives to reach a wider audience .
Financial Performance and Future Plans
In its first full financial year (FY25), Hocco reported revenues of ₹220 crore. The company aims to double this figure to ₹450 crore in FY26. With the ice cream market in India projected to exceed ₹42,700 crore by FY25, growing at an annual rate of 12-15%, Hocco is well-positioned to capitalize on this growth
The company is also preparing for a potential Initial Public Offering (IPO), although a specific timeline has not been disclosed.
Competitive Landscape
Hocco operates in a competitive market alongside legacy players like Amul, Vadilal, and Hindustan Unilever, as well as new-age brands such as NIC, Hangyo, Go Zero, and NOTO Ice Cream. The brand differentiates itself through its focus on quality, preservative-free products, and innovative flavors .Entrackrmint
Distribution Channels
Hocco’s products are available through multiple channels:
- Retail stores across various states.
- Quick commerce platforms, contributing 20% of overall revenue.
- Company-owned experience zones, including parlours in Delhi.
The company has nearly 200 distributors and over 250 sales team members, facilitating its expansion strategy .
Feature Image Concept: A vibrant image showcasing Hocco’s range of colorful ice cream tubs with a backdrop of their production facility, symbolizing growth and innovation.
