New Delhi, May 15 -- Gujarat-based premium ice cream brand Hocco, founded by the Chona family, has raised $10 million (approx Rs.85 crore) as part of a larger $20 million Series B round, co-led by the Chona Family Office and consumer-focused investor Sauce VC.

The capital will be used to increase production capacity, expand into new markets across India, and prepare for a potential intial public offering (IPO), promoter Ankit Chona said in an interview with Mint.

The Chona family, former promoters of Havmor Ice Cream-sold to South Korea's Lotte Confectionery in 2017 for Rs.1,020 crore-re-entered the market in 2023 with Hocco. Initially focusing on Gujarat and parts of western and northern India, the brand has been selling through retail...