Ice Cream brand Hocco raises Rs.100-Cr from Sauce VC, promoters, others

Ahmedabad-based ice cream brand Hocco has raised INR 100 crore (USD 12 million) in primary capital led by its promoter group, the Chona family, and another existing investor Sauce VC. Angel investors, including film producers Ritesh Sidhwani and Farhan Akhtar, also participated. The deal values the firm at INR 600 crore. The new funds will be used to expand the company’s manufacturing capacity.Post the investment, Sauce VC owns an around 10% stake in Hocco, The eight-month-old brand expects to clock INR 200 crore in revenue in FY25.In 2017, the Chona family, had sold its legacy ice cream brand Havmor to South Korean conglomerate Lotte.