The promoter group Chona family and Sauce Ventures led the $12 million, or INR 100 crore, fundraising effort for the ice cream company Hocco.
The first capital infusion was valued at Rs 600 crore at the time of the transaction. Deal participants included angel investors Farhan Akhtar and Ritesh Sidhwani.
Read also – Israel-Based Startup Fhenix Secures $15 Million in Series A Funding
According to it’s managing director Ankit Chona, the funds would be utilised to boost the business’s capacity for production, as The Economic Times claimed.
According to it’s managing director, Ankit Chona, the business is thinking of expanding its operations outside of Gujarat, one of its main markets, by means of quick commerce.
Read also – Dubai-based Fintech Elevate Secures $5 Million in Pre-Series A
Among their commercial ventures is the eatery, established in 1944. Their dedication to transforming how people view food and flavours is evident in the Hocco Kitchen, Ready-to-Eat, Huber & Holly, and Ice Cream.
About Hocco
Hocco Ice Cream is a legacy brand known for serving premium ice creams.
