Premium ice cream brand Hocco has raised Rs 115 crore (about $13 million) in a fresh funding round led by Sauce.vc, taking its valuation to an impressive Rs 2,000 crore. This latest infusion comes less than three months after a $10 million tranche of its Series B round, and just over a year after a $12 million Series A round at a Rs 600 crore valuation (June 2024).
Hocco’s founder Ankit Chona, also the former MD of Havmor Ice Cream, has tapped both family office and institutional backers—including Chona Family Office and repeat VC investor Sauce.vc—to fuel the company’s plans for manufacturing expansion, cold-chain upgrades, and a pan-India presence by summer 2026.
From Havmor to Hocco: Legacy, Founding, and Scale
Its story is intricately connected to the Chona family’s iconic legacy—the Havmor brand, established in 1944 in Karachi and rebuilt in Ahmedabad after Partition. Havmor was sold to South Korea’s Lotte Group in 2017 for Rs 1,020 crore. With the expiry of the non-compete, Ankit Chona launched Hocco in October 2023, blending the family’s heritage with fresh innovation, bold flavors, and a focus on quality.
Hocco’s product range exceeds 150 SKUs, with creative formats like the BIX cake sandwich and Oh-Cone. The brand leverages omnichannel sales—retail, QSR, quick commerce, and out-of-home—and has drawn on its goodwill and expertise to scale rapidly.
Funding Journey and Financial Metrics
- Series A (June 2024): $12 million, valuation Rs 600 crore.
- Series B (May–September 2025): $10 million (first close), another Rs 115 crore just raised, valuation now at Rs 2,000 crore.
- Cumulative funding: Over Rs 300 crore since launch.
- FY24 Revenue: Rs 200 crore, up from Rs 32.4 crore in FY23.
- FY25 Revenue Target: Rs 400–500 crore.
Hocco is operating with an eye toward profitability, yet has reported moderate losses through its fast-expansion phase (FY24: ~Rs 20 crore loss).
Market Expansion and Future Outlook
By summer 2026, Hocco aspires to reach a daily production capacity of 3 lakh liters, giving it one of the nation’s largest and most sophisticated manufacturing footprints. Quick commerce platforms have driven monthly sales to double since February 2025, and the brand is breaking into national and soon international markets like North America, the Middle East, and Africa.
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Competitive Landscape and Industry Trends
India’s Rs 50,000 crore ice cream industry is expanding at 12–15% CAGR, with premium, indulgence, and health-focused options capturing urban audiences. Hocco’s key national competitors include:
- Legacy giants: Amul, HUL (Kwality Wall’s), Mother Dairy, Vadilal, and Hindustan Unilever—with Kwality Wall’s contributing 3% of HUL’s revenues.
- D2C and new-age brands: NIC (Walko Foods, $20M raised in 2024), Hangyo ($25M from Faering Capital), NOTO (low-calorie; $4.6M total), Go Zero, Minus 30, Naturals, Giani’s—each growing via both direct online delivery and brick-and-mortar expansion.
Several competitors, like NIC and Hangyo, have recently closed major funding rounds to expand capacity and innovate, while multinational players watch the market’s premiumization for stronger entry opportunities.
Conclusion
Hocco’s resurgence is a testament to the Chona family’s enduring vision and the exploding potential of India’s premium ice cream segment. As Hocco targets Rs 500 crore in FY25 revenues and a dominant national footprint—with innovative products, an advanced manufacturing backbone, and robust funding—the battle for India’s next iconic ice cream brand is heating up, blending nostalgia with modern business agility
