The Indian ice cream industry has long faced intense competition to gain market dominance. One such dramatic and strategic tale belongs to the Ankit Chona’s family. The Chona family started making ice cream in the year 1944 under the brand name Havmor. Later, in the year 2017, they sold their growing business to Lotte Confectionery (now Lotte Wellfood) for ₹1,020 cr.
Author: Aditya Pareek | EQMint | EQ Originals
After this transition, Ankit Chona found a new purpose with the blockbuster entry into the ice cream sector with yet another identity, ‘HOCCO.’ Ahmedabad-based Hocco has transformed into one of the country’s fastest-growing consumer startups, seamlessly integrating legacy expertise with internet-first distribution.
The financial blueprint: Scaling to a ₹2,500 Cr valuation
The startup closed FY26 with net sales exceeding ₹530 crore, marking an explosive jump from the ₹220 crore recorded in FY25. This hyper-growth caught the attention of prime institutional capital. In April 2026, Hocco secured a crucial ₹100 crore Series C funding round spearheaded by consumer-focused venture fund Sauce.vc. The capital reimbursement has skyrocketed the brand’s valuation to a staggering ₹2,500 crore, reflecting immense market confidence in its scaling capabilities.
Reinventing: Too cool to be basic
Rather than selling common flavors, Hocco targeted the need for new flavors and fusions. The most viral flavour launched is the Aamchi, an ice cream shaped in the form of a mango, giving the illusion of eating a cold mango to beat the Indian summer heat. Various other innovations include Leemo (lemon-shaped ice cream), Bun Maska Bix (butter-flavoured with jam centre ice cream), Chillfi, and Oh! (premium cones).
Instead of keeping simple generic names, Hocco hit the market with various ice cream types having unique names. It introduced its range with eye-catching names like Bix, Bossbar, and Chillo. The ads used vibrant colors and made content Instagram-worthy, specifically targeting the Gen Z audience.
From Gujarat to every gully: A bold step
Initially started in a factory in Gujarat, Hocco has now expanded its scale and started an operational plant in Panipat. This expansion was done to tackle the product delivery across North India during the summer, so the product is not damaged from the rigorous heat. Plans have been made to start a similar state-of-the-art manufacturing facility in the south.
80% of sales is done by local general stores, and the fast online delivery apps account the rest, satisfying the instant-gratification loop of modern metro consumers. Hocco identified a common consumer pain point: messy, fragile ice cream cones. Their solution was insulated blister packaging, which keeps cones intact and delivers a clean, enjoyable eating experience.
Conclusion
The grand legacy of Chona’s is still highly visible with its comeback with Hocco. Where Havmor reached a ₹1000Cr valuation in years, Hocco reached ₹600Cr in just 4 years, breaking records and becoming India’s fastest-growing ice cream brand. Though Hocco faces challenges like supply chain in the south without melting of product and use of large-scale plastic for its packaging, it has proved to be India’s lovable ice cream in the scorching heat and repeat sales through unique flavours.
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