New Delhi, Sept. 29 -- Hocco Foods Pvt Ltd, operated by the Ahmedabad-based Chona family, has secured Rs 115 crore ($13 million) in a fresh funding round from existing backer Sauce.vc.

The latest round values the company at about Rs 2,000 crore ($225 million), it said in a statement.

The fresh capital will be used to expand manufacturing capacity, improve its cold-chain and logistics network, invest in product innovation, and deepen its reach across India and select international markets, the company said in a statement. Hocco also plans to ramp up its presence on quick commerce platforms, modern retail stores, and travel-linked outlets.

"This funding allows us to move faster on the vision we've set for Hocco: To make quality ice cream that is exciting, innovative, and crafted to turn everyday moments into something special," said Ankit Chona, managing director of Hocco. "With this capital, we're doubling down on that idea and scaling it for many more consumers across India and beyond."

The funding round comes just months after Sauce.vc topped up its original investment with $10 million (Rs 86 crore) as part of Hocco's $20 million Series B fundraise.

The Chona family re-entered the ice cream industry with Hocco in 2023 after selling their 73-year-old Havmore brand to South Korea's Lotte for over $150 million in 2017.

In 2023, Hocco raised around Rs 100 crore in funding led by Sauce.vc. At the time it was reportedly valued at nearly Rs 600 crore.

Since its launch, Hocco Foods has scaled its manufacturing capacity from 15,000 litres per day in 2023 to around 1.4 lakh litres per day at its single plant in Gujarat. By summer 2026, the company expects to have nearly 3 lakh litres per day of manufacturing capacity, it said.

The company also plans to add another plant in northern India by February 2026, which will further increase its capacity by 2.2 lakh litres per day, Chona, promoter of the Hocco ice cream brand, had told VCCircle in an interaction in March.

Hocco Foods' consolidated revenue is said to have grown sixfold year-on-year to around Rs 220 crore in FY25. For the current fiscal year, the firm aims to double its revenue to Rs 450 crore and aims to touch Rs 800 crore the next year.

Published by HT Digital Content Services with permission from VC Circle.