Go Zero Secures $1.5 Mn Follow-On Pre-Series A Funding, Grows 4x in One Year

Go Zero, an innovative ice cream brand dedicated to offering guilt-free delights, has successfully 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, that is, 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. The brand has quickly captured the attention of health-conscious consumers seeking alternatives to typical high-fat/high-sugar ice creams. Currently present in 16 cities and over 125 dark stores, Go Zero has become the #1 guilt-free ice cream brand on both quick commerce and e-commerce platforms in less than 2 years of launch. In FY23–24, Go Zero grew 4X compared to FY22–23 and an astonishing 7X growth on quick commerce in just 5 months this summer from January to May 2024.

Kiran Shah, Founder, Go Zero, 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.”

Ash Lilani, Founder & Managing Partner at Saama Capital, 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.”

Hariharan Premkumar, Managing Director, India at DSG Consumer Partners, 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!”

Arjun Vaidya, Co-Founder, V3 Ventures, commented, “In <1 year, we have seen >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.”

Arjun Purkayastha, prominent angel investor and Regional CEO at a top MNC, remarked, “Extremely delighted to continue supporting Go Zero on its journey. Its rapid growth and innovative product offerings demonstrate significant potential to redefine healthy desserts. I believe in Kiran’s vision and am confident that Go Zero will continue to lead the way in the guilt-free ice cream category.”

Founder Kiran Shah brings extensive experience from the ice cream industry, having previously led his family business, Apsara Ice Creams, from 2014 to 2022. Under Kiran’s 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 2 years of the brand’s launch.

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. With Kiran Shah at the helm, Go Zero aims to become a dominant player in the burgeoning Indian ice cream market, which in 2023, was valued at over USD 3 billion, with a projected CAGR of 13.49% from 2024 to 2030.