India’s premium ice cream space is heating up—and Ahmedabad-based Hocco Ice Cream is the latest homegrown brand to ride this wave with a successful $10 million Series B funding round. The funding is part of a larger $20 million raise co-led by the Chona Family Office and consumer-focused investor Sauce VC.
The brand, launched in 2022 by Ankit Chona, aims to use this capital infusion to scale its production capacity, deepen market penetration across Indian metros and tier-II cities, and launch a new range of flavour innovations tailored to Indian taste profiles.
“This fundraise is not just about expanding capacity—it’s a belief in the power of a homegrown brand to stand tall among the world’s best,” said Ankit Chona, Hocco’s promoter and former Managing Director of Havmor Ice Cream, which was sold to South Korea’s Lotte Group in 2017.
Fueling Expansion in a Changing Market
The funds will be directed toward:
- Expanding manufacturing capabilities
- Enhancing cold-chain and supply chain infrastructure
- Developing new regional and fusion flavours
- Strengthening Hocco’s presence in modern retail and quick commerce platforms
- Accelerating investments in branding and consumer engagement
Manu Chandra, founder of Sauce VC, pointed out that “India’s premium dairy segment is undergoing a transformation, driven by disposable income growth and rapid adoption of digital-first purchase channels.”
Investor Appetite Grows for Indian Ice Cream Brands
Hocco’s fundraise is part of a broader investment trend that has seen several Indian ice cream and frozen dessert startups attract significant capital. Brands are focusing on premiumisation, ingredient authenticity, and agile delivery models to cater to evolving consumer tastes.
Below is a snapshot of recent fundraises in the Indian ice cream and dessert sector:
🍨 Key Investments in Indian Ice Cream Startups (2023–2025)
| Brand Name | Parent Company | Amount Raised | Funding Round | Investors | Date | Purpose |
|---|---|---|---|---|---|---|
| Hocco | Hocco Foods Pvt Ltd | $10 million | Series B | Chona Family Office, Sauce VC | May 2025 | Boost manufacturing, enter new cities, launch flavours, strengthen brand |
| NIC | Walko Food Company | $11 million | Growth Round | Jungle Ventures | May 2023 | Scale production, expand reach, invest in ERP and marketing |
| Go Zero | Go Zero Ice Cream | $1.5 million | Pre-Series A | DSG Consumer Partners, Saama Capital, V3 Ventures | June 2024 | Expand SKUs, grow presence in tier I & II cities, enhance distribution |
| Hangyo | Hangyo Ice Creams Pvt Ltd | $25 million | Not specified | Faering Capital | Aug 2024 | Upgrade facilities, fuel product R&D, strengthen South India footprint |
| Minus 30 | Minus 30 Gelato | Undisclosed | Seed | Angel Investors | 2023 | Build brand in artisan gelato space, invest in retail expansion |
The Future of Premium Dairy in India
The premiumisation trend in India’s dairy and dessert segment is no longer a niche play—it’s now a fast-growing battleground. Consumers are increasingly drawn to brands offering:
- Global and fusion flavours
- Clean-label and natural ingredients
- Higher protein and low-sugar variants
- Convenient doorstep delivery via quick commerce platforms
Startups like Hocco, NIC, and Go Zero are leading this shift by pairing deep operational know-how with tech-enabled consumer access. With India’s ice cream market expected to grow at a CAGR of 13–15% through 2030, the current funding activity suggests long-term investor confidence in both indulgence and innovation.
