[Funding alert] Artisanal ice cream brand Cold Love raises Rs 2.5 Cr angel round
ice cream brand on Thursday said it raised Rs 2.5 crore in angel funding over two rounds. The company, founded by Aditya Tripathi, makes artisanal, all-natural ice cream.
The two angel rounds had individual investors, including Tarun Sawhney, Vice Chairman and MD, Triveni Engineering and Industries Ltd, and Samir Sood, Founder of Venture Highway, a technology-focused 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, one of the first investors in the brand.
Samir Sood said, “Besides 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.”
Known for its unique flavours, such as Salted Butter Caramel and Boozy Baileys, and perennial favourites like Chocolate Fudge-a-licious and Fresh Mango, Cold Love also offers sugar-free, dairy-free, and vegan ice cream.
Also, it has collaborated with Michelin-starred Chef Suvir Saran for a line of Cold Love desserts.
“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 and expanding our D2C reach into different cities across India,” said Aditya Tripathi, Managing Director, Cold Love.
The brand has four cafes in Delhi-NCR and one in Jodhpur. It has plans to open 20-25 outlets in Delhi-NCR and beyond in the near future. It also offers home delivery in Delhi-NCR, Hyderabad, Jaipur, and Lucknow, with plans to expand to at least 10 cities very soon.