In the sweltering heat of India’s entrepreneurial landscape, where summer sales can make or break fortunes, a cool revolution is brewing. Ahmedabad-based ice cream sensation Hocco has just pulled off a funding coup that’s sweeter than its bestselling mango ripple cone: Rs 115 crore raised in the second tranche of its Series B round, catapulting the brand’s valuation to a jaw-dropping Rs 2,000 crore. Led by the battle-tested venture capital firm Sauce.vc, this infusion isn’t just capital—it’s rocket fuel for a startup that’s transforming lazy afternoons into billion-rupee empires. As the mercury climbs and quick-commerce carts overflow with frozen delights, Hocco’s ascent signals a seismic shift in the Rs 228 billion Indian ice cream market, projected to balloon to Rs 956 billion by 2032 at a blistering 17.23% CAGR.
Picture this: It’s barely three years since Hocco scooped its first batch in October 2023, born from the visionary ovens of the Chona family—a dynasty synonymous with creamy legacies. The same clan that built Havmor into a household name, churning out Rs 450 crore in annual turnover before offloading it to South Korean giant Lotte for a cool Rs 1,020 crore in 2017. Now, enter Ankit Chona, the scion with ice in his veins and fire in his belly, as founder and managing director. “We’ve always believed ice cream isn’t just a treat; it’s a mood, a memory, a moment of unadulterated joy,” Chona tells me over a video call from his bustling Ahmedabad HQ, his voice laced with the quiet confidence of someone who’s tasted both triumph and the bitter chill of reinvention.
Hocco’s origin story is equal parts nostalgia and audacity. What began as a modest parlor in Karachi back in 1994 under Satish Chona has evolved into a pan-Indian powerhouse, blending artisanal craftsmanship with Gen-Z savvy. Unlike the staid giants peddling vanilla monotony, Hocco’s arsenal boasts over 50 flavors—from the zesty chaos of chili-chocolate fusion to guilt-free protein-packed scoops inspired by Ankit’s other venture, PHAB snacks. “We’re not chasing volume; we’re curating cravings,” Ankit quips, revealing a playbook honed from Havmor’s glory days and his stints at premium outposts like Huber & Holly. The result? A brand that’s 80% general trade-driven, with 15% siphoned from quick-commerce behemoths like Blinkit and Zepto, where impulse buys turn into viral sensations.
This latest funding bonanza, announced on September 27, 2025, caps a whirlwind Series B that kicked off in May with a $10 million (Rs 85 crore) tranche co-led by the Chona Family Office and Sauce.vc. That initial jolt valued Hocco at Rs 600 crore and supercharged its FY25 revenue to Rs 220 crore—a feat for a fledgling that’s barely out of diapers. Fast-forward four months, and Sauce.vc doubles down, not just with cash but with unshakeable faith. Manu Chandra, founder and managing partner at the VC firm that’s backed disruptors like Mokobara and The Whole Truth, doesn’t mince words: “Ankit and his team are a rare alchemy of deep category mastery and wild ambition. We’re not investors; we’re co-conspirators in crafting India’s most beloved ice cream saga.” With Sauce now holding a chunky 10% stake, the partnership feels less like a transaction and more like a family reunion—Chona’s own kin having seeded the brand’s early days.
But let’s crunch the cones: Why now? Why this valuation explosion from Rs 600 crore to Rs 2,000 crore in mere months? Ankit attributes it to a “summer supernova.” FY25’s blistering heatwaves didn’t just melt roads; they vaporized sales records. Hocco’s H1 FY26 revenues are already hurtling past Rs 300 crore, on a trajectory to shatter Rs 500 crore by year-end—doubling last year’s haul and eyeing Rs 420-450 crore for the full fiscal. “Our summer numbers were stratospheric,” Ankit beams, crediting a distribution blitz that’s woven Hocco into 200-plus distributors and 250 sales squads across Gujarat, Delhi-NCR, Uttar Pradesh, Maharashtra, Chhattisgarh, Telangana, and Punjab. Experience zones—sleek parlors doubling as Instagram playgrounds—have sprouted in Delhi, turning scoops into social currency. And quick commerce? It’s not a side hustle; it’s a 20% revenue juggernaut, with orders spiking 300% during peak heat.
Zoom out, and Hocco’s triumph is a microcosm of India’s frozen frenzy. The sector, long dominated by Kwality Walls (HUL’s crown jewel, a Rs 2,000 crore slice of their empire) and Mother Dairy, is thawing under startup heat. HUL’s whispers of spinning off its ice cream arm hint at consolidation tremors, but nimble players like Hocco are feasting on the cracks. Government cold-chain investments—over Rs 10,000 crore poured in the last decade—have bridged rural-urban chasms, making premium scoops accessible from Mumbai’s monsoons to Rajasthan’s deserts. Hocco’s edge? Hyper-local innovation: UP-exclusive kesar-pista pops, Maharashtra mango lassis on sticks, all at prices that undercut imports without skimping on quality. “We’re democratizing indulgence,” Ankit says, eyes gleaming. “No more choosing between affordability and ‘wow’ factor.”
The Rs 115 crore war chest? It’s earmarked for audacious acceleration. First, manufacturing muscle: From current setups churning 1 lakh liters daily, Hocco aims for 3 lakh liters by summer 2026, rivaling the big boys. New plants in Uttar Pradesh and Maharashtra will slash logistics lags, ensuring that Delhi’s heat doesn’t mean melted deliveries. Second, geographical conquests: Punjab and deeper Chhattisgarh penetrations by Diwali, with international flirtations on the horizon—think UAE exports by 2027, riding the NRI nostalgia wave. Third, tech infusion: AI-driven demand forecasting to preempt flavor fads, and a jingle-fueled brand film dropping this winter to blanket airwaves. “We’re building an ecosystem, not just a brand,” Ankit declares. And with micro-influencer tie-ups—think relatable reels of “chilled-out” families—the vibe is effortlessly cool, sans the corporate chill.
Yet, in this sugary surge, shadows lurk. The ice cream arena is no child’s play; raw material volatility—milk prices up 15% YoY amid fodder shortages—could sour margins. Competition? Fierce, with Amul’s volume blitz and newcomers like Go Zero nipping at health-conscious heels. Hocco’s 80% general trade reliance, while a strength, exposes it to kirana disruptions. And sustainability? As climate whims wreak havoc on dairy herds, eco-sourcing mandates loom. Ankit waves them off: “Challenges are our churn—we innovate through them.” Still, whispers from industry vets question if this valuation rocket can sustain orbit without profitability liftoff; Hocco’s pre-revenue profitability tease for FY27 feels ambitious.
But here’s the unfiltered truth: Hocco’s story is a clarion call for Indian founders. In a nation where startups sip from venture spigots yet starve on execution, the Chonas prove legacy plus hustle equals lightning. Total funding to date? A robust USD 30 million (Rs 250 crore-plus), blending family grit with VC glamour—earlier angels like Farhan Akhtar and Ritesh Sidhwani added Bollywood sparkle to the Rs 100 crore pre-Series B round. Long-term? Rs 1,000 crore revenue by 2028, per Ankit’s roadmap, with global funds circling for Series C. “The family’s bowing out of the next round,” he hints, “but we’re eyeing tigers like Sequoia for the leap.”
As I wrap our chat, Ankit shares a scoop—literally—via courier: a pint of their new “Funding Fudge,” swirling caramel dreams with nutty ambitions. It melts on the tongue, much like Hocco’s meteoric rise. In an economy cooling on growth but heating up on consumption, this Rs 2,000 crore valuation isn’t hype; it’s harbinger. Hocco isn’t just raising funds; it’s raising the bar, proving that in India’s dessert derby, the sweetest victories go to those who dare to dream dairy-big.
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Last Updated on: Monday, September 29, 2025 1:16 pm by BUSINESS SAGA TEAM | Published by: BUSINESS SAGA TEAM on Monday, September 29, 2025 1:16 pm | News Categories: Startup News
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