Some of the capital raised has already been used to establish the company’s commissary, setting up company-owned cafés and spends on digital marketing.
Cold Love Ice Cream has announced that it has raised a total of INR 2.5 crores in angel funding over two rounds. The company, founded by Aditya Tripathi, makes artisanal, all-natural ice cream.
The funding was raised through two angel rounds from individual investors including Mr Tarun Sawhney, Vice Chairman and MD, Triveni Engineering & Industries Ltd and Mr Samir Sood, founder of Venture Highway, a technology-focussed seed fund.
Some of the capital raised has already been used to establish the company’s commissary, setting up company-owned cafés and spends on digital marketing.
“We are thrilled to be associated with a home-grown artisanal ice-cream brand like Cold Love. Despite the pandemic, the company has made tremendous progress over the last 18 months and the hybrid business model offers tremendous potential for significant growth going forward”, said Tarun Sawhney, Vice Chairman and MD, Triveni Engineering & Industries Ltd, one of the first investors in the company.
Samir Sood of Venture Highway, another investor, said, “Apart from being a regular customer, I have been engaging closely with the team since they first began the company and have been very excited by the progress they have made so far”.
Aditya Tripathi, Managing Director, Cold Love says, “Having grown steadily over the last year and a half, we want to become India’s first national artisanal ice cream brand, recognised for both our quality and the unique formulations of our ice cream. With this funding, we will be looking at setting up more Cold Love Cafés as well as expanding our D2C reach into different cities across India”.
Cold Love offers artisanal ice cream made in small batches, loaded with carefully sourced fresh and all-natural vegetarian ingredients, and free from artificial colours, flavours and preservatives. Known for its unique flavours such as Salted Butter Caramel and Boozy Baileys, as well as perennial favourites like Chocolate Fudge-a-licious and Fresh Mango, Cold Love also offers sugar-free, dairy-free, and vegan ice cream. They also have a collaboration with Chef Suvir Saran, a Michelin-starred Chef, for a line of Cold Love Desserts.
Cold Love has opened four Cafes in the NCR and another in Jodhpur and has plans to open around 20-25 outlets in Delhi NCR and beyond in the near future. They offer home delivery in Delhi NCR, Hyderabad, Jaipur and Lucknow with plans to expand to at least 10 cities very soon. The brand also has a growing B2B business, with the ice cream finding its way onto the menus of high-end restaurants such as Tres, Guppy by Ai, and Greenr Café in New Delhi.
Samir Kuckreja, Founder & CEO of Tasanaya Hospitality is a partner in the Cold Love business and his company has worked with Cold Love on various areas of the business including the fund raising.
Source: Business World
