Hocco raises US$10M in its first tranche of Series B round

INDIA – Hocco, an ice cream brand based in Gujarat, India, has raised US$10 million in the first tranche of its US$20 million Series B round, aiming to increase production.

Co-led by promoter Chona Family Office and Sauce VC, a consumer-focused venture capital firm, the funds will be used to increase production capacity, expand distribution, and enter new markets in India. Hocco also plans to invest in product development and marketing.

Ankit Chona, Founder and Managing Director, Hocco Ice Creams, said, “We’ve raised US$10 million and are going to do between US$18 million  – US$20 million of total fundraise in Series B.”

Founded in 2019 and operational since 2023, the company said the second close of the round is expected later this year with discussions already underway with existing investors and global funds.

 “Sauce is committed to the next round as well. We as a family will not be participating in the next round, but we are speaking to some global funds too,” Chona added.

Hocco’s fundraising is part of a broader investment trend that has seen several Indian ice cream and frozen dessert startups attract significant capital. Brands are focusing on premiumisation, ingredient authenticity, and agile delivery models to cater to evolving consumer tastes.

Chona highlighted that Gujarat remains Hocco’s largest market, although the brand has already expanded into several northern regions, including Delhi NCR, Western Uttar Pradesh, Rajasthan, Madhya Pradesh, and Maharashtra.

With the newly secured funding, the company aims to further its presence across Uttar Pradesh and is considering entry into Punjab and Chhattisgarh as part of its growth strategy.

The company is also scaling its retail footprint, with nearly 200 distributors and over 250 member sales teams. It has begun opening company-owned experience zones, including two parlours recently launched in Delhi.

The series funding comes at a time when India’s ice cream industry is experiencing a period of rapid expansion and transformation, fueled by structural market changes and a dramatic shift in consumption patterns.

The market is projected to grow at a CAGR of 13.49% through 2030, evolving from a US$3 billion industry in 2023 to US$ 12.9 billion by 2033, according to different analyst projections.

This growth reflects the substantial market opportunity, as India’s per capita ice cream consumption remains remarkably low at just 300ml compared to the global average of 2.3 liters, suggesting significant headroom for expansion

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