Hocco, a India-based ice cream brand, has raised US$10 million in the first close of its US$20 million series B funding round, announced on May 15, 2025.

The round was co-led by the Chona Family Office and Sauce VC, a venture capital firm focused on consumer products.

The remaining US$10 million is expected to close later this year.

The funds will be used to increase production capacity, expand distribution, and enter new markets in India. Hocco also plans to invest in product development and marketing.

Founded in 2019 and operational since 2023, Hocco offers premium ice creams with regional and global flavors.

The brand reported a revenue of 200 crore rupee (US$23.34 million) in FY24 and aims to reach 500 crore rupee (US$58.35 million) in FY25.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ A family legacy fueling ice cream innovation in India

Hocco represents a strategic re-entry into the ice cream market by the Chona family, who previously built and sold Havmor, demonstrating how industry expertise can be leveraged across generations.

The Chona family sold Havmor in 2017 and launched Hocco in 2019 after their non-compete clause expired, officially beginning operations in 2023 and quickly scaling to Rs 200 crore in revenue within a year 1.

This example highlights how industry knowledge and established networks can accelerate growth, particularly in capital-intensive food manufacturing categories.

The Chona family’s experience is reflected in Havmor’s previous scale—producing 200,000 liters of ice cream daily across 160 flavors—providing them with valuable operational insights for their new venture 2.

2️⃣ India’s ice cream market shows explosive growth potential

India’s ice cream industry is experiencing a period of rapid expansion and transformation, fueled by structural market changes and a dramatic shift in consumption patterns.

The market is projected to grow at a CAGR of 13.49% through 2030, evolving from a $3 billion industry in 2023 to potentially reaching INR 1,078 billion ($12.9 billion) by 2033 according to different analyst projections 34.