Business APAC
May 19, 2025
If you’ve been watching India’s bustling food scene, you’ve likely felt a new chill in the air, and it’s got a name: Hocco. Spearheaded by Ankit Chona – a name deeply etched in the country’s ice cream history thanks to Havmor – this venture isn’t just another new brand. It’s a full-blown campaign to reshape how India enjoys its frozen treats. Just this past week, around May 15th or 16th, 2025, news hit that Hocco snagged a cool $10 million in Series B funding.
This isn’t just pocket change; it’s fuel for an already aggressive expansion. From their base in Gujarat, they’re cranking up production and pushing hard into new territories, especially through those quick commerce apps everyone’s using. Why all the fuss? Chona’s aiming to seriously shake up the established Hocco ice cream market.
Let’s be clear: Ankit Chona isn’t new to this game. His family nurtured Havmor for generations before its sale to South Korea’s Lotte Group back in 2017 for a hefty sum, reportedly ₹1,020 crore. After a non-compete period, Chona didn’t just dip his toes back in; he dived headfirst with Hocco, officially kicking off operations in October 2023. He often says things like, “Look, the Indian consumer today? They know what they want. They want quality, real ingredients. With Hocco, we’re bringing back that authentic joy, but with a twist, with flavors that really speak to now.” It’s this blend of old-school commitment and new-age savvy that’s turning heads.
Building the Backbone: Hocco’s Cold Chain and Production Powerplay
So, what’s Hocco’s game plan? It’s not just about fancy flavors. A massive chunk of their investment – something like 70% of what they’ve put in so far – has gone into getting the backend right: their own cold chain, GPS-tracked temperature-controlled trucks, the works. “We track every delivery, every freezer, every minute,” Chona has said. “If a driver switches off the cooling to save fuel, our system flags it immediately.”
They started producing around 40,000-50,000 litres a day in 2023, but the target is to hit 1.3 lakh litres daily soon, all from their Gujarat plant.2 And they’re not stopping there. Talk is, a second plant up North is on the cards by early 2026, aiming to nearly double that output. This meticulous control over quality and supply is a direct challenge to the prevailing Hocco ice cream market norms. They’re already boasting revenues around ₹220 crore for the last fiscal year (FY25) and are gunning for ₹420-₹450 crore next (FY26).3
That fresh $10 million? It’s just the opening scoop of a larger $20 million Series B round, with the Chona family and existing investors like Sauce VC doubling down on their bet. For Ankit Chona, it’s about more than scaling factories — it’s a mission to prove that a homegrown Indian brand can stand toe-to-toe with global giants. “We’ve poured our hearts into Hocco,” he says with conviction. Manu Chandra of Sauce VC shares that vision: “Hocco’s growth has been phenomenal. It’s a perfect example of what happens when deep industry expertise meets a rapidly evolving market. With rising incomes and quick commerce changing the game, we’re excited to help take Hocco to the next level.”
Click, Crave, Deliver: Hocco’s Quick Commerce Strategy
And quick commerce – think Blinkit, Zepto, Swiggy Instamart – is a huge piece of the Hocco puzzle. It’s already around 20% of their sales, up from 7-8% not too long ago. Chona’s pretty direct about it: “Five years back, to test a new city, you had to build everything from scratch. Now? You can launch on Blinkit and see what happens.” It’s how they’re getting into homes, catering to those late-night cravings without people needing massive freezers. It’s a smart way to tackle the competition in the crowded Hocco ice cream market.
Let’s not forget, this is a tough playground. We’re talking giants like Amul (rumored to hold 35-40% market share), Kwality Wall’s (HUL, who are spinning off their ice cream biz – that’s how hot this sector is), and Vadilal. Plus, there’s a whole new crew of brands like NIC, Go Zero, and NOTO making their own moves. But Hocco, with its 150-plus products – from unique cone creations to a house-baked cake sandwich called ‘BIX’ – believes it has the right recipe. They are aiming for that sweet spot in the premium segment of the overall Hocco ice cream market.
Blending Legacy with New-Age Hustle
Ankit Chona’s Hocco isn’t just a comeback story; it’s a bold, calculated offensive. He’s mixing decades of family wisdom with a very current understanding of manufacturing, branding, and how Indians want to buy things now. That fresh $10 million is set to pour more fuel on an already blazing fire, pushing Hocco further across India. Sure, the competition is stiff, and keeping the quality high while scaling fast is always a tightrope walk.
But if the early signs – signs-the rapid revenue growth, the smart use of quick commerce, the investor confidence-are – are anything to go by, Hocco isn’t just here to play; it’s here to win a big slice of the Hocco ice cream market. The next couple of years? They’re going to be critical and delicious to watch.
Also Read: Price Pressures Ease: India’s Inflation Dips to Near Six-Year Low, RBI Rate Cut firmly in Sight?
