Hocco, the renowned ice cream brand based in Ahmedabad, has successfully concluded a fundraising round, securing Rs 100 crore ($12 million). The investment was spearheaded by the Chona family, the promoters of Hocco, along with existing investor Sauce VC. Angel investors, including notable film producers Ritesh Sidhwani and Farhan Akhtar, also contributed to the round. This significant investment has propelled Hocco’s valuation to Rs 600 crore.
Ankit Chona, the managing director of Hocco, revealed to the Economic Times that the funds will be utilized to expand the company’s manufacturing capacity. With ambitious plans for growth, the brand aims to achieve sales of Rs 200 crore by the end of the fiscal year in March 2025.
Hocco’s journey traces back to its inception as an ice cream parlor in Karachi in 1994 by Satish Chona. In 2017, the Chona family sold their esteemed brand Havmor to South Korean conglomerate Lotte for Rs 1,020 crore. Post-funding, Sauce VC, an early-stage consumer VC fund, holds approximately a 10 percent stake in Hocco.
The establishment of Hocco, also known as House of Chonas, in 2019 marked the expansion of their longstanding food service enterprise. Garnering popularity in 2023, Hocco has swiftly expanded its presence, establishing over 100 stores nationwide and venturing into the US market with its first Quick Service Restaurant (QSR) location in Virginia.
Furthermore, Hocco is keen on exploring the quick commerce category to expand its footprint beyond Gujarat, with plans to enter markets in Delhi, Maharashtra, and Rajasthan. Chona articulated the company’s strategy, stating, “The way we plan to do that is to penetrate deeper into Gujarat and expand into nearby geographies. Before next summer, we will launch in Rajasthan, Maharashtra, and Delhi-NCR.”