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 launched Hocco as an ice cream parlour in Karachi in 1944. In 2017, the Chona family, which owns another legacy brand Havmor, sold it to South Korean conglomerate Lotte for INR 1,020 Cr.

Hocco claims to have more than 100 restaurants across India and one in the US in casual dining, quick-service and ice cream segments.

Its portfolio includes Hocco Eatery, 1944 The Hocco Kitchen, Hocco Ready-to-Eat, Huber & Holly, Hocco Ice Cream and Phab.

Now based in Ahmedabad, the company 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 .

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

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