Ice Cream Brand Hocco Nets $10 Mn To Support Expansion

Ice cream brand Hocco has raised $10 Mn (INR 85.56 Cr) as a part of its $20 Mn (INR 171.28 Cr) Series B funding round.

The round was co-led by Chona family office and Sauce.vc.

The company plans to use the fresh capital primarily to expand its production capacity and support its expansion into new markets across India.

Hocco also aims to strengthen its distribution networks and supply chain infrastructure, while also focussing on product innovation and development of new flavours.

Satish Chona started the ice cream business under the ‘Have More’ brand in Karachi in 1944. The Chona family sold its legacy brand, now-known as Havmor, to South Korean conglomerate Lotte for INR 1,020 Cr in 2017.

After four years, in 2022, the Chonas launched ice cream brand Hocco, which expanded to include brands such as Hocco Eatery, 1944 The Hocco Kitchen, Hocco Ready-to-Eat, Huber & Holly, Hocco Ice Cream and phab.

Hocco claims to have more than 10,000 retail outlets across India and one in the US in casual dining, quick-service and ice cream segments.

Now based in Ahmedabad, the company previously raised INR 100 Cr in a fresh funding round last June, valuing it at INR 600 Cr post-investment.

Hocco competes with brands such as Yummo, NIC, Get-A-Way, Minus 30 and Frubon.

The latest round of fundraising comes at a time when rising disposable income has led to higher demands for premium products like ice creams, chocolates and packaged foods. The rising demand is expected to drive India’s foods and beverages market to $68 Bn by 2030.

The growing market opportunity has also attracted investors with ice cream makers NOTO and Go Zero raising INR 30 Cr each in March to fund expansion.