TABP Snacks & Beverages Secures 20 Crore in Pre-Series a Funding Round

Leading guilt-free ice cream company, 'NOTO Ice Cream' has raised ₹15 crore in its most recent funding round, which was led by Inflection Point Ventures (IPV) and included Lets Venture and JITO. The money will go toward growing into Tier 1 and Tier 2 cities, introducing novel summertime flavors and formats, assisting with marketing on quick-commerce and food-tech aggregators, improving infrastructure, and increasing brand recognition through experiences.

NOTO Ice Cream was established in 2019 and has since upended the ice cream market by providing decadent, healthful ice cream options without sacrificing flavor. It is a popular option for people who are health-conscious due to its creative flavors and formats as well as its emphasis on better substitutes like low-calorie, low-sugar ice creams. "Eating, Not Cheating” is the brand’s motto.

Renowned individuals like Kunal Bahl, Rannvijay Singha, and John Abraham also support the brand because they share NOTO's goal of enabling guilt-free pleasure for everyone.

Varun Sheth, a chef and seasoned businessman with a wealth of hotel industry experience, and Ashni Shah, a fashion and design lover with a background in marketing and operations, co-founded NOTO.

Vinay Bansal, Co-Founder, Inflection Point Ventures, says, “Health-conscious consumers often struggle between satisfying their sweet cravings and adhering to a healthier lifestyle. The existing options often compromise on taste or nutritional value, creating a gap in the market for truly guilt-free indulgence. NOTO ice-cream is solving this problem with its unique flavours that don't compromise on either taste or nutritional values. At IPV, we are drawn to the startup’s commitment to address a real consumer need. Their vision to redefine desserts aligns with lots of Indians, making it a scalable startup with meaningful impact.”

By 2032, the Indian ice cream market is expected to have grown from its 2023 valuation of ₹228.6 billion to ₹956 billion. Higher disposable incomes and the growing use of rapid commerce platforms are driving the market's transition toward premium, healthful, and inventive ice cream products, which is expected to see substantial development. NOTO is actively entering new markets in Ahmedabad, Kolkata, and Lucknow in addition to operating in several cities, including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune. In addition to rapid commerce sites like Zepto, Blinkit, Instamart, and Flipkart, the brand is listed on meal delivery services like Swiggy and Zomato.

Commenting on the same, Varun Sheth, Co-Founder & CEO, NOTO notes, “At NOTO, Eating, Not Cheating is at the heart of everything we do - we serve desserts that are guilt-free and full of flavor. This funding fuels our expansion into Tier 1 and Tier 2 cities, paves the way for more NOTO-riously good innovations. As we continue to redefine the ice cream experience, we’re excited to scale new heights. We appreciate IPV’s support in this journey.”

Drums Food International, owner of the Hokey Pokey brand of ice cream, announced that the company has closed additional financing of Rs 5 crore led by Vish Narain, Country Head at TPG Growth, and Fireside Ventures, a private investment firm floated by former Helion Ventures MD Kanwaljit Singh.

Prior investor Shripad Nadkarni has also participated in the second round of investment.  The company has raised 15 crores over multiple rounds of funding so far.

Hokey Pokey is one of the leaders in serving India’s super premium ice creams and innovators in introducing the concept of interactive ice cream counters.

It retails at stores such as Godrej Nature’s Basket, Future Group Foodhall, Big Bazaar, Reliance Fresh, Hypercity, and e-commerce platforms such as Big Basket and Local Banya.

Hokey Pokey products are now available across Mumbai, Pune, Delhi, Bangalore, Hyderabad, and Chennai.

The funds have primarily been used to expand the company’s production capacity, and introduce its 2nd product, Epigamia, India’s first ever range of Greek Yogurt.

Additionally, Rahul Jain, Co-Founder at Dr Moo, joins the company as Director and will take over all operational responsibilities.

“We are excited to bring Kanwal and Vish on board as not just investors but value-added advisors and partners. Shripad is a mentor and without his guidance, the company wouldn’t be where it is today. We are confident that this group’s support will continue to help us achieve our goals. Rahul’s experience in the dairy supply chain is a valuable addition and the sky is the limit now with our formidable team of Chef Ganesh Krishnamoorthy on the product side and Rahul on the operations side,” said Rohan Mirchandani, Co-Founder, Hokey Pokey.

The company intends to expand its product range in the value-added dairy space and is determined to be a formidable player in the fast emerging “GLocal” space, standing for global quality, and locally made in India. The goal is to focus on increasing throughput at its current distribution points and increasing distribution channels across the country.