HOCCO raised $10 million in Series B funding, reaching a valuation of ₹1,440 crore as it aims to revolutionize the ice cream market in India with a robust business model unifying production and restaurant strategies.

Target Information

Last month, HOCCO successfully raised $10 million in the first tranche of its Series B funding round, resulting in a valuation of ₹1,440 crore for the Chona family's ice cream venture, just under two years after its inception. The journey of HOCCO is deeply intertwined with the legacy of its founder, Satish Chona, who began his foray into ice cream in 1944 in Karachi, amidst historical tumult. The early days of his ice cream venture laid the foundation for what would evolve into a beloved brand, known for its unwavering commitment to quality.

HOCCO's history is a testament to resilience and innovation, transforming from a modest café in Karachi to a recognized name in the Indian ice cream market. With its recent launch in October 2023 of a new manufacturing facility in Gujarat, HOCCO aims to disrupt the existing market and reclaim the familial legacy while appealing to the modern consumer.

Industry Overview in India

The ice cream industry in India has seen remarkable growth, evolving into a ₹26,800 crore market in 2024, with a compound annual growth rate (CAGR) of 16%. Leading the market is Amul, with a commanding 40-45% share, benefiting