Ahmedabad-based ice cream brand Hocco has raised $10 million (INR 85.56 Cr) as part of its ongoing $20 million Series B funding round, co-led by the Chona family office and Sauce.vc.
The fresh infusion of capital will be primarily directed towards expanding production capacity and deepening Hocco’s reach in untapped markets across India. The company also plans to bolster its supply chain, upgrade its distribution network, and invest in product innovation, with a focus on developing new flavours.
Founded in 1944 by Satish Chona as an ice cream parlour in Karachi under the ‘Have More’ banner, the Chona family re-entered the frozen dessert segment with Hocco in 2022, five years after selling Havmor to South Korea’s Lotte for INR 1,020 Cr.
Today, Hocco operates under a growing house of brands, including Hocco Ice Cream, Hocco Eatery, 1944 The Hocco Kitchen, Hocco Ready-to-Eat, Huber & Holly, and health food brand phab. The company claims a retail presence in over 10,000 outlets across India and one outlet in the US.
Last June, Hocco raised INR 100 Cr, pushing its valuation to INR 600 Cr post-investment. With the current round, it aims to solidify its presence in the premium food segment, tapping into rising demand for indulgent and innovative treats.
Hocco competes with emerging players like Yummo, NIC, Get-A-Way, Minus 30, and Frubon. Investor interest in India’s premium food category continues to heat up, with peers like NOTO and Go Zero raising INR 30 Cr each earlier this year. According to industry estimates, India’s food and beverages market is poised to reach $68 billion by 2030, driven by rising disposable incomes and shifting consumer preferences.