Go Zero Secures $1.5 Million in Follow-On Pre-Series A Funding
- ByStartupStory | June 20, 2024
Go Zero, an innovative ice cream brand dedicated to offering guilt-free delights, has successfully raised $1.5 million in its follow-on pre-Series A funding round. This latest investment saw continued support from previous backers, including DSG Consumer Partners, Saama Capital, and V3 Ventures. Notable angel investors, such as Arjun Purkayastha, also participated in this round.
Founded by Kiran Shah, Go Zero boasts a diversified product portfolio featuring low-calorie, high-protein, and vegan ice creams. Since its launch, the brand has expanded its presence to 16 cities and over 125 dark stores, quickly establishing itself as the #1 guilt-free ice cream brand on both quick commerce and e-commerce platforms.
In the fiscal year 2023-2024, Go Zero experienced significant growth, achieving a 4X increase compared to the previous fiscal year. The brand reported an impressive 7X growth on quick commerce platforms in just five months from January to May 2024.
Kiran Shah, Founder of Go Zero, stated, “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.”
He further added, “With this round of funding, we will look to continue our exponential growth in quick and e-commerce, along with expanding to Tier 1 cities such as Jaipur, Chandigarh, and Ahmedabad. We will also continue to launch exciting flavors and formats for our consumers throughout the year.”
Before founding Go Zero, Kiran Shah led his family business, Apsara Ice Creams, from 2014 to 2022. Under his leadership, Apsara expanded from a single-store operation to a nationwide chain with over 100 outlets. Leveraging this family legacy and industry expertise has enabled Kiran and the Go Zero team to achieve exponential growth within just two years of the brand’s launch.
Go Zero’s success is part of a broader trend where D2C (direct-to-consumer) brands in sectors such as food and beverages, apparel, and health and wellness, founded by families with traditional businesses, 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.
Go Zero aims to become a dominant player in the burgeoning Indian ice cream market, which was valued at over $3 billion in 2023 and is projected to grow at a CAGR of 13.49% from 2024 to 2030.
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