Ahmedabad-based ice cream startup Hocco has raised $10 million in the first leg of its Series B round, co-led by the Chona Family Office and Sauce VC. The funding comes less than a year after Hocco began operations and signals the company’s intent to go big, fast.
Founder and Managing Director Ankit Chona confirmed that the total Series B raise is expected to touch $18–20 million, with the second tranche likely to close by January next year. “We’re already in talks with existing backers and a few global funds. Sauce VC is on board for the next phase, though our family office won’t be participating further,” said Chona.
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The Chona family isn’t new to the ice cream business. They were behind the iconic Havmor brand, which they sold to Korean giant Lotte for ₹1,020 crore in 2017. Hocco, launched in October 2023, marks their return to the frozen dessert space—with a modern playbook.
In just its first full year of operations (FY25), Hocco clocked ₹220 crore in revenue. The aim now? Nearly double it, with a target of ₹420–₹450 crore in FY26. The new funds will be channelled toward doubling manufacturing capacity, upgrading cold chain logistics, and expanding into new geographies.
Right now, Gujarat remains Hocco’s home turf and biggest market, but the brand is steadily gaining ground in Delhi-NCR, Western UP, Rajasthan, Madhya Pradesh, and Maharashtra. Chona hinted at a deeper push into Uttar Pradesh, with Punjab and Chhattisgarh next in line.
The company is also betting big on direct customer engagement. It’s begun launching company-owned “experience zones,” with two new parlours already scooped out in Delhi. Meanwhile, a growing network of 200 distributors and a 250-strong sales team continues to power retail distribution.
Quick commerce—think delivery apps—has also become a big part of Hocco’s story, now contributing 20% of its total sales. The rest still comes from traditional retail, but the digital shift is clearly gaining momentum.
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Hocco’s next chapter is shaping up to be a high-stakes sprint into India’s increasingly competitive ice cream aisle. And it’s doing it with speed, flavour, and a cool ₹30 million in total backing so far.
