Ice cream brand Hocco has raised ₹100 crore (Arround $10.7 million) in its Series C funding round from existing investor Sauce.vc, bringing its total funding to ₹481 crore to date, according to founder and MD Ankit Chona.
Previously, the company raised ₹115 crore in May 2025 from Sauce.vc and the Chona family office. With this latest investment, Hocco’s pre-money valuation has increased to ₹2,500 crore (approximately $267 million).
The company plans to use the new funds to expand its manufacturing capacity from 2.5 lakh litres per day to 4 lakh litres per day. It has recently started operations at a new plant in Panipat and is planning another facility in South India next year.
Hocco is also considering contract manufacturing in the future, as demand has consistently exceeded its current production capacity.
Based in Ahmedabad, the company is actively expanding its presence across India. It already has a strong footprint in North and Western regions.
Its expansion strategy varies by region. For example, it has recently entered Telangana and Chennai through retail channels, while markets like Karnataka and West Bengal are being developed through quick commerce platforms. Meanwhile, Delhi NCR operates largely through pushcart-based sales.
Currently, Hocco operates around 200 company-owned parlours and restaurants, contributing about 5% of total sales. Around 75% of revenue comes from general trade, while 20% comes from quick commerce platforms such as Blinkit, Zepto, and Swiggy Instamart. The brand also runs about 3,300 pushcarts, with plans to scale this to 5,000 by next summer.
Hocco was founded in 2023 by the Chona family, which previously owned Havmor since 1944 before selling it to Lotte Confectionery in 2017 for ₹1,020 crore. After the non-compete period ended, Ankit Chona re-entered the ice cream business with Hocco.
In addition to its main brand, the company also operates premium ice cream brand Hoover and Holly, which has about 20 parlours, and Chillfi, available on quick commerce platforms. Overall, the company offers around 200 SKUs.
Hocco plans to expand its product portfolio with new offerings, including ice cream cake tins under Hoover and Holly, mud kulfis under Chillfi, and unique flavors such as bun-maska-and-jam and fruit-based variants under the Hocco brand.
Financially, the company reported revenue of ₹532 crore in FY26, with an EBITDA loss of 10–12%, amounting to around ₹63 crore.
The company is targeting EBITDA breakeven in FY27 with projected revenue of ₹900 crore. According to Chona, losses have already been reduced significantly, and the company aims to reach profitability at the EBITDA level in the current financial year.
Looking ahead, Hocco is planning a public listing within the next three years. It is also preparing to raise a larger funding round of ₹400–500 crore from private equity investors to support its next growth phase.
In the competitive landscape, Hocco faces established brands like Kwality Wall’s, Vadilal, Amul, Mother Dairy, and Havmor, along with newer players such as NOTO, Naturals, and Go Zero.
According to the company, Hocco positions itself between traditional legacy brands and modern D2C players, combining established expertise with a new-age brand identity.
Source / INC42
