Hocco scoops up Rs 115 crore from Sauce.vc at Rs 2,000 crore valuation

Hocco scoops up Rs 115 crore from Sauce.vc at Rs 2,000 crore valuation

Hocco has raised Rs 115 crore in a fresh funding round led by long-time partner Sauce.vc, valuing the company at Rs 2,000 crore, the company announced on September 29.

The Ahmedabad-based ice cream brand said the funds will be used to expand manufacturing capacity, strengthen logistics, drive product innovation and deepen its presence across India and select international markets.

The latest round is larger than what Hocco had initially planned to raise, and comes just months after the company secured $10 million (about Rs 90 crore) in May this year as part of a $20 million (around Rs 180 crore) Series B round co-led by the Chona Family Office and Sauce.vc. At the time, the company said the funds would be deployed towards boosting capacity and expanding into new markets.

What is Hocco?

Founded in 2022 by Ankit Chona, Hocco is a modern ice cream company positioned in the premium dairy and dessert segment. The Chona family earlier built and scaled Havmor before selling it to South Korea’s Lotte Group in 2017. With Hocco, they have returned to the category with a focus on high-quality ingredients, distinct flavours and contemporary branding aimed at younger consumers.

What will the funds be used for?

Hocco plans to use the new capital to increase manufacturing capacity and expand distribution. By summer 2026, it expects to have close to 3 lakh litres of production capacity, which would make it one of the largest and most advanced ice cream manufacturing setups in the country. The company is also stepping up its presence in quick commerce, modern retail and travel-linked touchpoints to widen access.

“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. Sauce.vc has been a long-time believer in our journey, backing us from the very start, and their continued support is a huge validation of what we’re building," said Ankit Chona, Managing Director of Hocco.

Why is Sauce.vc backing the company again?

Sauce.vc has been one of Hocco’s earliest and most consistent backers. “Ankit and team are a rare combination of strong category know-how and unbridled ambition. They are keen to build Hocco into India’s most loved ice cream company, and we are excited to continue partnering with them on this journey from day zero,” said Manu Chandra, Founder and Managing Partner of Sauce.vc.

What does this mean for the market?

Hocco’s rapid fundraising and capacity expansion highlight the growing opportunity in India’s premium dairy and dessert segment. Its focus on quality, branding and modern distribution reflects a shift in consumer demand towards differentiated products, as younger buyers look for premium experiences in everyday categories.