Mumbai: Drums Food International, owner of the Hokey Pokey brand of ice cream, has raised less than a million dollars from investors led by Peter Rajsingh, a partner at New York-based Castellar Partners and Professor at New York University.
Other investors include Shripad Nadkarni, a former marketing head at Coca-Cola India and an investor in Hector Beverages, and Apurva Salarpuria, director at the Salarpuria Group and investor in the Mast Kalandar restaurant chain.
“This is the pre-series funding and we will raise more by end of the year,” said Rohan Mirchandani, co-founder and chief executive officer of Mumbai-based Drums Food. He started the company five years ago after working as an investment banker and his family business of warehousing and logistics in the US.
Hokey Pokey has 20 outlets across Mumbai, Thane, Pune and Nashik and parts of the national capital region in partnership with Barista. The plan is to have a chain of 50 outlets by end of the year, said Mirchandani, who declined to disclose the exact amount that the company raised.