Hocco an ice cream brand based in Ahmedabad has received a fresh round of investments of Rs 100 crore ($12 million). The investment round was led by the Chona family who started the company and Sauce VC. Therefore, the value of Hocco has gone up to Rs 600 crore.
Image Source: Hocco
Investments and Expansion Plans
In this particular funding, Hocco managed to secure Rs 100 crore. Sauce VC and the Chona family were key stakeholders in the development of Hocco. Several prominent angel investors including Bollywood filmmakers Ritesh Sidhwani and Farhan Akhtar also invested in the funding.
The latest goal set by Hocco is to touch a revenue of Rs 200 crore, by the end of the financial year 2024-2025. The funds shall be used to increase Hocco’s production capacity. In its eight months of operation, Hocco has done exceedingly well and intends to triple its production capacity by next summer.
Hocco’s Vision and Mission
Hocco is an ice cream brand that has a rather interesting background and a well-defined development strategy. Hocco wants to keep the traditions of preparing and serving delicious food and ice cream alive. Their goal is to produce flavors for the next generations and the generations to come. Hocco has a mindset that one must go further than what is required or expected. They know that at times, it might be just perfect to strike that ‘crazy’ note to complement their offerings.
The brand is associated with ‘Acchai’ (goodness) and ‘Sacchai’ (truth). They do not include anything in the ice creams that they would not wish to eat themselves or offer to their loved ones. The character of Hocco is to be open and welcoming to everyone and anyone. From pricing their products fairly to having a hospitable ambiance in their parlors, they want to improve ice cream with everyone.
The Landscape of Ice Cream Industry
The ice cream market in India is worth $5 billion, and many new-generation brands are coming up. Some of them are Noto, Get A Way, Go Zero, Frubon, and Minus 30. These challenges are emerging in a market that was earlier controlled by incumbents like Amul, Mother Dairy, Kwality Walls of Hindustan Unilever, and Cream Bell.
Hocco’s History and Sustainability
Originally in 1944, Shri Satish Chona started his mission to spread the mouthwatering taste of his family’s goodness all over Ahmedabad. This small idea grew into a charming brand that millions of fans appreciated for its extraordinary and high-quality ice cream. At the same time, their Chana Puri made first-time visitors repeat customers for the rest of their lives.
As years passed, so did people’s palates, but not their principles. These principles remain the foundation of the restaurant chain, including Hocco, which means “House of Chonas Collaborative.” HOCCO combines traditions and innovation, childhood associations, and new contemporary opportunities to create new legends together.
Though details about how sustainable their production process is are lacking, they have reinforced principles such as “Acchai & Sacchai” which translates to goodness and truth, and aim at an open brand. Their recent diversification into India and the USA with the promise to maintain the real recipe is a sign of quality and expansion.
Conclusion
Hocco ice cream has a long-standing heritage with its inception in the year 1953. The latest funding round of Hocco also highlights the journey of brand growth and its intention to redefine the market of ice cream. Currently, Hocco has substantial investor support and big expansion plans, which will greatly help the industry.
Image Source: Hocco
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