Ankit Chona's Hocco Raises INR 115 Cr At INR 2,000 Cr Valuation

SUMMARY

The startup said that it raised the capital at a valuation of INR 2,000 Cr (about $225 Mn)

In May, Hocco had raised $10 Mn as a part of its Series B funding round, which was co-led by Chona family office and Sauce.vc

Hocco was started by the Chona family, which owned the Havmor brand, in 2023

Months after raising half of the target amount for its $20 Mn Series B funding round, ice cream brand Hocco has raised an additional INR 115 Cr (around $12.9 Mn) from its existing investor Sauce.vc

In a statement, the startup said that it raised the capital at a valuation of INR 2,000 Cr (about $225 Mn). In May, Hocco had raised $10 Mn as a part of its Series B funding round, which was co-led by Chona family office and Sauce.vc.

The startup plans to use the fresh capital to expand its manufacturing capacity, strengthen its cold chain and logistics, and expand domestic as well as international footprint. “The company also plans to step up its presence in quick commerce, modern retail, and travel-linked touchpoints,” the statement added.

Hocco was started by the Chona family, which owned the Havmor brand, in 2023. Founded by Satish Chona, Havmor started as an ice cream parlour in Karachi in 1944. After operating the brand for decades, the Chona family sold Havmor to South Korean conglomerate Lotte for INR 1,020 Cr in 2017.

In 2023, Satish’s grandson Ankit Chona entered the ice cream market with the launch of Hocco. The brand claims to have around 100 restaurants and eateries across India and 2 in the US. The company’s portfolio includes Hocco Eatery, Hocco Ready-to-Eat, Huber & Holly, and Hocco Ice Cream.

Last year, Hocco raised INR 100 Cr, with its valuation crossing INR 600 Cr post the investment. Overall, Hocco, which competes with the likes of Yummo, NIC, Get-A-Way, Minus 30, Furbon, among others, has raised over $33 Mn in funding to date.

With rising disposable incomes, India’s ice cream market is seeing rapid growth. It was pegged at $3.5 Bn in 2023 and is projected to grow to about $5.8 Bn by 2028. As a result, foreign brands are also eyeing this market. Renowned US-based ice cream brand Carvel is set to open its first store in India in Delhi in the first week of October.