Ahmedabad, India — When Ankit Chona re-entered the ice cream business, it wasn’t without hesitation. The former managing director of Havmor, a beloved Indian ice cream brand sold to South Korea’s Lotte in 2017, was venturing back into familiar territory—but with a fresh vision. “I was very nervous,” Chona admits. “Not because I feared failure, but because I was returning to an industry where I was already known.”
That vision materialized as Hocco, a Gujarat-based startup Chona founded in 2019, which began commercial operations in 2023. What started as an in-house ice cream operation for the family’s restaurants has rapidly transformed into a fast-growing consumer brand, posting ₹200 crore in revenue for FY24. The company now targets ₹400 crore by FY26.
Building the Business from the Backend
Hocco’s growth has been underpinned by a rigorous investment in infrastructure. Rather than relying on third-party logistics, the company built a comprehensive cold chain network in-house. This includes GPS-enabled, temperature-controlled trucks, in-house cold rooms, and a logistics team that tracks every delivery in real time.
“If a driver switches off the cooling to save fuel, our system flags it immediately,” says Chona. Approximately 70% of Hocco’s total investment to date has gone into backend systems—an approach Chona says helps maintain product quality, reduce wastage, and enable rapid scale.
Hocco’s product line includes over 150 SKUs, with standout items like BIX (a house-baked cake sandwich) and the Oh-Cone (a chocolate-topped cone). The company recently installed an automated cone-making line to meet growing demand.
In June 2024, it expanded its offerings with the launch of Huber & Holly, a premium sub-brand featuring flavours such as Salted Caramel Popcorn, Pondicherry Vanilla, and Sicilian Pistachio. Initially available in select parlours, these flavours are now packaged for retail distribution.
Strategic Expansion and the Quick Commerce Advantage
While Hocco remains rooted in Gujarat, it has expanded to key markets including Delhi-NCR, Maharashtra, Rajasthan, and parts of Uttar Pradesh. In Delhi alone, over 1,400 pushcarts now serve its products.
In markets without a physical presence, Hocco relies exclusively on quick commerce platforms like Blinkit, Zepto, and Instamart. This digital-first strategy currently accounts for 7–8% of total revenue, a figure Chona expects to climb to 20% by next year.
“Five years ago, you had to build infrastructure to test a market. Now you can test it on Blinkit,” he explains. Quick commerce also helps offset the seasonality that typically affects ice cream sales—especially in colder regions where retail freezers are often turned off during winter.
Despite the higher operational costs involved in working with quick commerce platforms—such as platform fees and discounts—Chona says the benefits outweigh the challenges. “The logistics are simpler, and platforms manage their own backend,” he adds.
A Legacy Reimagined
Though Hocco is a young brand, it’s powered by deep industry experience. Chona and his team bring years of expertise from Havmor, leveraging their knowledge of manufacturing, trade dynamics, and distribution to navigate a competitive landscape.
According to a Wazir Advisors report, India’s ice cream industry is projected to surpass $5 billion in FY25, fueled by expansion beyond metro cities and a rising number of international players. Responding to this momentum, even giants like HUL are restructuring—spinning off their ice cream segment, which includes Kwality Wall’s, into a standalone entity.
Chona, meanwhile, is building for the long term. Hocco offers long-term ESOPs and has onboarded professional talent beyond the founding family. “The same 200-member team that once sold ₹1 crore a month is now doing ₹10 crore,” he notes.
In June 2024, Hocco raised ₹100 crore (approx. $12 million) in a funding round led by its promoter group and existing investor Sauce.vc, with participation from angel investors including film producers Ritesh Sidhwani and Farhan Akhtar. The company is now valued at ₹600 crore post-investment.
Manu Chandra, founder of Sauce.vc, says Hocco is a textbook example of modern execution built on traditional roots. “Ankit is running a traditional business with a startup mindset,” Chandra remarks. “What stood out was the decision to launch in Gujarat—a region long dominated by legacy brands like Amul and Vadilal.”
Looking Ahead
Hocco is not attempting to replicate Havmor’s legacy—it is charting a new course informed by past lessons. With its emphasis on infrastructure, innovation, and strategic distribution, the brand is positioning itself to become a national player in India’s evolving ice cream landscape.
Whether Hocco can sustain its momentum remains to be seen, but for now, it is clear that Ankit Chona’s second innings in the ice cream business is off to a promising start.
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