Go Zero Secures $1.5 Mn Follow-On Pre-Series A Funding Round
In FY23–24, Go Zero grew 4X compared to FY22–23 and an 7X growth on quick commerce in just five months this summer from January to May 2024, as per the company
Go Zero, an ice cream brand, raised USD 1.5 million in its follow-on pre-Series A funding round. This round saw continued support from the same investors who had backed the brand last year- DSG Consumer Partners, Saama and V3 Ventures, among others. The round also saw participation from notable angel investors such as Arjun Purkayastha.
Founded by Kiran Shah, Go Zero has a diversified product portfolio featuring low-calorie, high-protein and vegan ice creams. It currently present in 16 cities and over 125 dark stores. In FY23–24, Go Zero grew 4X compared to FY22–23 and an 7X growth on quick commerce in just five months this summer from January to May 2024, it said in statement.
Go Zero Founder Kiran Shah said, “I started Go Zero with a simple mission – to make ice creams and desserts healthier and guilt free for all. 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. 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. With this round of funding, we will look to continue our exponential growth on quick and e-commerce along with expanding to tier 1 cities such as Jaipur, Chandigarh and Ahmedabad. We will also continue to launch exciting flavours and formats for our consumers throughout the year.”
Saama Capital Founder and Managing Partner Ash Lilani said, “We are incredibly excited to continue backing Kiran on his journey building India’s leading better-for-you indulgent ice-cream brand. 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.”
India at DSG Consumer Partners Managing Director Hariharan Premkuma said, “Healthy snacking is a core investment theme at DSGCP. 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. We are excited to deepen our partnership with the Go Zero team in the growth phase of their journey!”
V3 Ventures Co-founder Arjun Vaidya commented, “In less than a year, we have seen over 10x growth in Go Zero. It speaks about the quality of execution by the team and the wave of better eating we are seeing in India. We are excited to double down to make more Indians enjoy their favourite dessert guilt free.”
The Indian ice cream market was valued at over USD 3 billion in 2023 with a projected CAGR (compound annual growth rate) of 13.49 per cent from 2024 to 2030. Several D2C brands in sectors such as food and beverages, apparel and health and wellness, founded by families with traditional businesses in similar categories, are attracting significant venture capital funding. Investors believe that these entrepreneurs, with their inherent business understanding and deep-rooted connections in supply chain ecosystems, are uniquely positioned to launch contemporary versions of legacy businesses.
