Brands
Magma offers scholarships to 100 under-grads
MUMBAI: Magma Fincorp, a BFSI entity, in an effort to reach out to more meritorious students from the lower income families, has decided to to offer 100 scholarships across the country in FY18.
Every year many meritorious students hailing from poor families are forced to discontinue their higher education due to lack of funds. Keeping alive their motto of ‘investing in the smallest dreams’, Magma offers financial assistance in the form of scholarships to such students every year under their scheme “M-Scholar”. Students will be selected on the basis of their academic performance and socio-economic background of their families who are unable to support their children to continue studies.
Magma VP – CSR, corporate communications and admin Kaushik Sinha said, “The three year scholarship will be renewable every year on confirmation of grades in annual exams.”
Magma believes that the scholarship will meet a part of the student’s education and related expenses while pursuing higher studies.
Brands
Hocco crosses Rs 530cr revenue in two years
Sauce.vc-led Rs 100cr raise values ice cream brand at Rs 2,500cr pre-money as quick commerce hits 20 per cent of sales.
MUMBAI: Hocco has just scooped a seriously sweet milestone crossing the Rs 530 crore revenue mark in just two full years of operations. The fast-growing Indian ice cream and indulgence brand announced it has raised Rs 100 crore in fresh capital led by Sauce.vc. The round values the company at Rs 2,500 crore pre-money and underscores investor confidence in its rapid scale and distinctive India-first approach.
Founder Ankit Chona said the brand’s success stems from solving real Indian challenges extreme summer heat, fragmented cold chains and culturally rooted tastes. “In India, product development doesn’t end in the lab. It only ends when it survives the street,” he noted. This philosophy has produced viral hits such as Aamchi mango ice cream, BIX cake-sponge sandwiches, the Oh cone and culturally relevant collaborations like Haldiram’s Barfi and festive Modak specials.
Hocco currently operates manufacturing facilities in Ahmedabad and Panipat with a production capacity of approximately 3 lakh litres per day, running near full capacity in peak season. The fresh capital will help expand this to around 4.5 lakh litres per day.
Quick commerce has emerged as a major growth engine, now contributing ~20 per cent of overall business and growing nearly 2x year-on-year. The channel has boosted product discovery, increased consumption frequency and helped extend ice cream beyond its traditional seasonal limits.
Sauce.vc founder Manu Chandra said, “At Sauce, we believe that when you chance upon an outlier business, you double down with stronger conviction. We see Hocco as just that.”
With a strong innovation pipeline, deeper distribution and continued focus on cultural relevance, Hocco is entering its third year aiming to capture even more mind space and market share. In a category long dominated by legacy players, this young brand is proving that the coolest way to win is to build for India’s realities, one scoop, one street and one satisfied craving at a time.
