Cold Love Ice Cream raises Rs 2.5 cr in angel funding over two round
Cold Love Ice Cream has announced the completion of two rounds of angel fundraising totaling Rs 2.5 crore. Aditya Tripathi created the company, which produces artisanal, all-natural ice cream.
Individual investors include Tarun Sawhney, vice-chairman and managing director of Triveni Engineering & Industries Ltd, and Samir Sood, founder of Venture Highway, a technology-focused startup fund, contributed to the fundraising via two angel rounds.
A portion of the funds raised has already been invested in the establishment of the company's commissary, the establishment of company-owned cafés, and digital marketing expenditures.
"We are honoured to be linked with Cold Love, a locally based artisanal ice cream brand. Despite the pandemic, the company has made enormous strides over the last 18 months, and the hybrid business model has tremendous promise for future expansion," said Sawhney, one of the company's early investors.
Another investor, Samir Sood of Venture Highway, stated, "In addition to being a regular customer, I have worked directly with the team since the company's inception and have been really impressed with the progress they have made thus far."
Cold Love's managing director, Aditya Tripathi, remarked, "Having expanded gradually over the previous year and a half, our goal is to become India's first national artisanal ice cream brand, recognised for both our quality and our ice cream's distinctive formulas." We will use this money to open additional Cold Love Cafés and to increase our direct-to-consumer reach across India".
The company produces artisanal ice cream in small batches using only fresh, all-natural vegetarian ingredients that are free of artificial colours, flavours, and preservatives. It is well-known for its distinctive flavours such as Salted Butter Caramel and Boozy Baileys, as well as perennial favourites such as Chocolate Fudge-a-licious and Fresh Mango. The company also provides sugar-free, dairy-free, and vegan ice cream. They've partnered with Chef Suvir Saran, a Michelin-starred chef, to create a dessert line.
The company has built four cafes in the NCR and one in Jodhpur, with hopes to expand to around 20-25 shops in the Delhi NCR and beyond in the near future. They currently deliver to homes in Delhi NCR, Hyderabad, Jaipur, and Lucknow, with ambitions to expand to at least ten additional cities in the near future. The firm is also expanding its B2B business, with the ice cream appearing on the menus of New Delhi's upscale eateries such as Tres, Guppy by Ai, and Greenr Café.
Samir Kuckreja, founder and CEO of Tasanaya Hospitality, is a partner in the business, and his company has assisted the company with numerous aspects of the operation, including finance raising.