Ahmedabad-based ice cream brand Hocco has raised $10 million (about INR 85.56 crore) in its $20 million Series B funding round. The round was co-led by the Chona family office and Sauce.vc.
The brand plans to use the new funds mainly to boost its production capacity and expand into new markets across India.
It plans to improve its supply chain and distribution network while creating new products and flavors.
“At Hocco, we’ve poured our hearts into every scoop, and this fresh capital gives us the strength to dream bigger, reach farther, and serve many more with the joy of truly great ice cream,” said Ankit Chona, co-founder and managing director of Hocco.
Hocco was started in 1944 by Satish Chona as an ice cream shop in Karachi. In 2017, the Chona family sold their popular brand Havmor to South Korea’s Lotte for Rs 1,020 crore.
They launched Hocco in 2019 to grow their family’s food business.
Today, Hocco has over 100 restaurants and outlets across India and one in the US. These include casual dining places, quick-service restaurants, and ice cream cafes.
Their brands include Hocco Eatery, 1944 The Hocco Kitchen, Hocco Ready-to-Eat, Huber & Holly, Hocco Ice Cream, and Ahab.
In June last year, Hocco raised Rs 100 crore in new funding, which increased the company’s value to Rs 600 crore.
Read more- SC Signs IOSCO’s Updated Agreement to Boost Cross-Border Support for Enforcement Actions
