Brands
Paras Desai takes the reins at Faitta
MUMBAI: Paras Desai, executive director of Wagh bakri tea group, has been elected chairman of the Federation of All India Tea Traders’ Association (FAITTA), the apex body representing tea traders nationwide.
Wagh Bakri director Vidisha Desai, joins the executive committee, reinforcing the group’s influence in the sector.
A fourth-generation entrepreneur, Desai has been with Wagh Bakri since 1993, transforming it into one of India’s largest packaged tea businesses, present in 24 states and exporting to over 60 countries. He spearheaded initiatives such as NABL-accredited in-house testing labs, instant tea premixes, wellness blends, and the Wagh Bakri Tea Lounges, while modernising operations and building a robust retail network.
“The tea industry is evolving fast, shaped by consumer tastes and challenges like climate change,” said Desai. “I look forward to working with members, government, and regulators to strengthen the category and tackle emerging opportunities and hurdles.”
Desai also serves as president of the Western India Tea Dealers Association. He holds a diploma in management studies from Ohio State University and is a skilled tea taster with over 30 years of experience. He champions corporate social responsibility initiatives, particularly in women’s empowerment, education, and rehabilitation.
Founded in 2014, FAITTA unites traders across India to address auctions, wholesale and retail trade, packaging, warehousing, and exports. It promotes compliance with food safety standards, including FSSAI residue norms, and advocates for transparency in auction practices.
Wagh Bakri Tea Group, established in 1892, has an annual turnover of Rs 2,000 crore, distributes over 50 million kilograms of tea, and is one of India’s most trusted and widely consumed tea brands.
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.
