Hokey Pokey raises funds from TPG Growth


Hokey-Pokey-5th FeatureHokey Pokey raises funds from TPG Growth and others for $0.8 million as part of angel funding yesterday. Hokey Pokey brand owned by Drums Food International makes and sells ice cream.

Hokey Pokey is the first ice cream company to bring the concept of mixing ice creams on a cold stone slab that allowed customers to pick and choose the ice cream along with confectionery and fruits to create their own ice creams. They have 20 outlets across Mumbai, Thane and Nashik. The company has tied with up Barista to cater in Delhi NCR region.

Drums Food continues developing its retail parlour footprint with the goal of serving premium and customised ice cream in Tier II and III cities. The company is distributing ready to go packs in its parlours and Barista outlets across Mumbai and they are in negotiations with major retailers like Nature’s Basket and Reliance Fresh for reaching out to retail customers.

Hokey-Pokey-2nd FeatureThe company was founded and incorporated by Rohan Mirchandani, Chef Ganesh K, Milap Shah and Uday Thakker. Rohan Mirchandani is the Chief Executive Officer of DRUMS Food International. He has graduated in Bachelor of Science in Finance and International Business from Stern School of Business, New York University in the year 2004 and he further did his Master of Business Administration from Wharton School, University of Pennsylvania in 2012.

He started his career as Associate in CVC (Formerly S&P) in 2004, worked in the company for a year and moved as Junior Board Member in The Ross Group in 2005, even now he holds that post in the company. He became board member of AKG Technologies INC in 2011.

Uday Thakker is co founder of DRUMS Food and Director of the company. He has graduated in Bachelor Of Commerce from Mumbai University. Milap Shah is co founder of the company and has graduated in Bachelor of Science in Computer Engineering from Vivekanand Education Society’s Institute of Technology. He went on to do his Masters of Science in Computer Science from Stanford University.

Hokey-Pokey-3rd featureMilap started his career in 2003 as Summer Intern in Infosys Ltd for 3 months, moved as an Associate in Glacis Capital Management LLC. He was responsible for collaborating with traders to develop proprietary strategy applications for US equity markets. He worked with the company for 9 months and joined Oracle as Senior Member of Technical Staff in 2005. He worked with Oracle for 2.4 years and joined Uday and Rohan to found DRUMS Food.

The company has received pre Series A round of financing from a group of investors led by Dr Peter Rajsingh – Partner of Castellar Partners and Professor in New York University, Shripad Nadkarni – Former Marketing Head at Coca Cola India, Apurva Salarpuria – Director of Salarpuria Group and investor in Mast Kalandar restaurant chain. The pre series funds were utilised to gain scale and increase of standalone outlets in 10 – 12 cities.

Hokey-Pokey-4th Feature

Hokey Pokey Ice Cream raises second round of funding from TPG Growth country head Vishal Narain and Kanwaljit Singh – Head of Fireside Ventures and Ex Managing Director of Helion Venture along with exisiting investor Shripad Nadkarni.

Hokey Pokey Ice Cream plans to launch its second product based on Greek yogurt called Epigamia. The company plans to utilise 40% of the funds on Epigamia and 60% will be used for scaling up of production, capacity and expanding the distribution channels in the cities where they are present.

The company sells its ice creams in Mumbai, Delhi and Bengaluru through outlets of Nature’s Basket, Future Group’s Foodhall, Big Bazaar, Reliance Fresh, Hypercity. They also sell their products in online grocers like BigBasket.com and LocalBanya.

Ice Cream selling space is witnessing lot of actions, Cocoberry, a frozen yogurt chain has raised $2 million from a group of investors. They may also face lot of competition from leading brands like Kwality Walls, ibaco, Baskin and Robbins, Haggen Daas and many.