Go Zero Secures $1.5 Million in Funding to Expand Operations and Launch New Flavors

Mumbai, June 19, 2024** – Ice cream maker Go Zero has successfully raised $1.5 million in funding from existing investors DSG Consumer Partners, Saama Capital, and V3 Investors. This new injection of capital aims to fuel the company's ambitious expansion plans, solidifying its presence in India's burgeoning ice cream market.

Kiran Shah, founder of Go Zero, announced that the funds will be strategically allocated to enhance growth in the quick-commerce and e-commerce sectors. Additionally, the company plans to extend its operations into tier-I cities such as Jaipur, Chandigarh, and Ahmedabad. "We will also continue to launch exciting flavors and formats for our consumers throughout the year," Shah said.

India’s ice cream industry, projected to achieve $5 billion in sales this year, has recently seen a surge of new-age brands like Go Zero, Noto, Get A Way, Frubon, and Minus 30. These brands are striving to establish their niches in a market traditionally dominated by legacy players such as Amul, Mother Dairy, Hindustan Unilever’s Kwality Walls, and the Jaipuria group's Cream Bell.

"The growth that we have seen in the past 12 months has been phenomenal and proves that there is a strong demand for 'better for you' ice creams that taste really good," Shah added. "We have become one of the fastest-growing ice cream brands on quick-commerce platforms such as Blinkit and Zepto – which I feel are going to become a key channel for the ice cream category as people seek convenience and instant gratification."

Commenting on the investment, Hariharan Premkumar, Managing Director of DSG Consumer Partners, said, "We were excited to build a category-defining brand in guilt-free desserts with Kiran when we invested a year back. The phenomenal traction since launch has validated the customer need and size of the market opportunity. The company has achieved product-market fit and is set to scale rapidly."

Ash Lilani, founder and Managing Partner at Saama Capital, echoed these sentiments. "The company’s immense revenue growth and profitability since our pre-seed investment last year is proof of Kiran’s product experience and the potential of India’s desserts market," Lilani said.

Go Zero's success story is part of a larger trend in India's ice cream industry, where innovative and health-conscious brands are gaining significant traction. Recently, Ahmedabad-based new-age ice cream brand Hocco concluded a Rs 100-crore ($12 million) fundraise, led by its promoter group, Chona family, and existing investor Sauce VC.

With the new funding, Go Zero is poised to continue its rapid growth trajectory, offering consumers a wider variety of healthier, delicious ice cream options while expanding its footprint across India.