In December 2017, Ankit Chona was at a crossroads. His family’s ice cream brand Havmor had been a staple in more than a dozen states, and at 35, he had already dedicated 12 years leading the business. But that year, a lucrative acquisition offer landed on his desk that he could not ignore. “The ice cream business has never been easy. After generations of hard work, you may reach a point when you think it is okay to cash in your chips,” Chona told Inc42. The year 2017 also brought a new wave of challenges. Demonetisation hit consumer spending, while the rollout of GST complicated compliance and pricing. Milk prices, crucial for ice cream, remained unpredictable, and the temporary ban on Maggi noodles (from Nestlé) a couple of years ago also shook people’s confidence in the safety of packaged foods. Finally, his age also mattered. At 35, he still had the time and energy to start another venture. With so many things at play, Chona knew it was time to take a decisive step. The family sold Havmor Ice Cream to the South Korean company Lotte Confectionery (now Lotte Wellfood) for about ₹1,020 Cr. At the time, Havmor’s yearly turnover… Read MoreInc42 Media
