In a growth funding round headed by Inflection Point Ventures (IPV), NOTO Ice Cream has raised Rs 15 crore ($1.75 million), with LetsVenture and JITO Incubation and Innovation Foundation also participating.
Before this, Titan Capital, Rockstud Capital, Bollywood actor John Abraham, WEH Ventures, and other angel investors contributed Rs 4 crore to the Mumbai-based brand’s pre-Series A round.
According to a press release from NOTO, the money raised from this round will be utilized to boost marketing, drive product innovation, expand into Tier 1 and Tier 2 cities more quickly, and improve offline presence in order to raise brand awareness.
Varun and Ashni Sheth co-founded NOTO Ice Cream in 2019 with the goal of transforming the ice cream market by providing decadent yet healthful options without sacrificing flavor. The company’s goal is to offer healthier substitutes without compromising taste. Health-conscious customers can indulge guilt-free due to its selection of low-calorie, high-protein, and sugar-free ice creams.
Greek yogurt cheesecakes, vitamin C-fortified fruit popsicles, and ice cream tubs and popsicles are among NOTO’s product offerings. According to the brand, its ice creams are 75% lower in sugar than ordinary ice cream, contain prebiotic fiber and protein, and are free of artificial sweeteners, flavors, and colors. Delivery services like Swiggy, Zomato, Zepto, BigBasket, Instamart, and Blinkit offer NOTO’s products.
To lessen reliance on a single sales channel, the company also intends to increase its offline presence.
The Indian ice cream market is expected to grow from its 2023 valuation of Rs 228.6 billion to Rs 956 billion by 2032, according to market research.
With plans to grow into Ahmedabad, Kolkata, and Lucknow, NOTO has already spread throughout Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune.
The company faces competition from other companies in the healthy ice cream market, such as Habit Health, Get-A-Whey, Good Fettle, Papacream, and Nomou.
