Ahmedabad-based premium ice cream brand Hocco is turning up the heat in the frozen desserts space, having just raised $10 million as the first tranche of its $20 million Series B round. The round is co-led by the Chona Family Office — the brand’s promoters — and consumer-focused investor Sauce VC.
This latest infusion of funds comes less than a year after Hocco raised $12 million in a Series A round, also led by the same backers, valuing the company at around Rs 600 crore (approximately $70 million).
The new capital will help Hocco ramp up its manufacturing capabilities, deepen its distribution network, and expand to new markets across India. A portion will also go into developing innovative flavors and building a stronger brand presence, the company said. The second close of this Series B round is expected later this year.
Hocco is no stranger to the world of ice cream. It was founded by the Chona family, who previously built and sold the iconic Indian ice cream brand Havmor to South Korea’s Lotte Group in 2017. With Hocco, they’re drawing from deep experience, but giving it a modern twist — offering a wide range of regional and globally inspired flavors across retail stores, quick service restaurants (QSRs), and instant delivery platforms.
Hocco is entering a crowded and competitive market, going head-to-head with legacy giants like Amul, Vadilal, and Hindustan Unilever (HUL). But it also shares the space with an emerging class of new-age brands such as NIC (by Walko Foods), Hangyo, Go Zero, and NOTO Ice Cream, all of which have recently drawn investor interest.
- In February 2024, NIC raised $20 million from Jungle Ventures, following an $11 million raise a year prior.
- Hangyo secured $25 million from Faering Capital.
- NOTO and Go Zero also closed their initial funding rounds last year, signaling growing investor appetite in the premium and health-conscious frozen dessert space.
With the backing of trusted investors and a seasoned founding family, Hocco is poised to scoop a bigger slice of the Indian ice cream market — one artisanal tub at a time.
