In a major boost to India’s booming health-focused food sector, NOTO, the Mumbai-based brand redefining the ice cream experience with its guilt-free, low-calorie offerings, has raised INR 21 crore in a Pre-Series A funding round. The round was led by Equentis Angel Fund, with strong backing from Inflection Point Ventures (IPV), JITO, Signal Ventures, and other notable investors.
This latest round marks NOTO’s largest fundraise to date and comes just two months after the brand raised INR 15 crore in February 2025 — a testament to growing investor confidence in NOTO’s vision, traction, and strategic execution.
Empowering a New Wave of NOTO
Founded in 2019 by husband-wife duo Varun Sheth and Ashni Shah, NOTO was conceptualized to offer healthier dessert alternatives to a rapidly evolving Indian market. As consumer preferences increasingly tilt towards clean labels, reduced sugar, and plant-based nutrition, NOTO has emerged as a pioneer in the guilt-free dessert category.
With a growing range of low-calorie, no-added-sugar, and vegan ice creams and desserts, NOTO addresses a large and underserved segment of Indian consumers looking to indulge without compromising on their dietary goals. The brand has built a loyal following among fitness-conscious millennials, urban professionals, and wellness enthusiasts across the country.
Today, NOTO Ice-Cream operates in over 13 cities, leveraging a hybrid model of direct-to-consumer sales, online food aggregators, and dark stores. With more than 100 dark stores powering its supply chain, the company has rapidly scaled its presence across metros and is now expanding into Tier I and Tier II markets.
Strategic Allocation of Fresh Capital
With this INR 21 crore infusion, NOTO plans to:
- Expand manufacturing capacity to meet increasing demand
- Strengthen distribution channels across both online and offline verticals
- Launch exclusive ice cream parlours in key urban centres
- Introduce new SKUs and product categories, deepening its offerings
- Bolster its omnichannel strategy, with a sharper focus on quick commerce
- Form strategic partnerships to accelerate brand visibility and market penetration
In a joint statement, the founders emphasized their ambition to create a truly pan-India dessert brand that stands at the intersection of indulgence and health. They aim to make NOTO the go-to choice for consumers who no longer want to choose between taste and nutrition.
Investor Confidence and Market Momentum
The lead investor, Equentis Angel Fund — the early-stage investment arm of Equentis Wealth Advisory — contributed INR 6 crore, emerging as the largest participant in this round.
Manish Goel, Founder of Equentis Angel Fund, stated:
“Our investment in NOTO is a reflection of the founders’ clarity of vision and the brand’s robust early-mover advantage. With operational excellence, product innovation, and a deep understanding of consumer behavior, NOTO is positioned to lead the healthy indulgence category in India.”
Varun Sheth, Co-founder and CEO of NOTO, expressed:
“Closing our INR 21 crore Pre-Series A round is a critical step in NOTO’s journey. We’re proud to have investors who believe in our mission to revolutionize the dessert landscape in India. This funding enables us to scale strategically while continuing to delight consumers with healthier options.”
Backed by Industry Heavyweights
The startup’s rise has been bolstered by a roster of high-profile investors who share the company’s long-term vision, including:
- Rainmatter (Zerodha’s investment arm)
- White Whale Partners
- WEH Ventures
- Snapdeal Co-founders Kunal Bahl and Rohit Bansal
- Actor John Abraham, who has publicly supported clean-eating initiatives
Their collective belief in NOTO’s potential has not only provided capital but also strategic guidance as the brand navigates its next phase of growth.
Riding a Rising Wave
India’s food and beverage sector is undergoing a seismic shift. With consumers increasingly leaning toward cleaner, better-for-you alternatives, and the rise of quick commerce changing the way groceries and essentials are purchased, brands like NOTO are uniquely positioned to thrive.
The Indian F&B market is projected to grow to USD 68 billion (~INR 5.82 lakh crore) by 2030, clocking a CAGR of 25%, according to recent industry estimates. Within this landscape, legacy brands such as Amul, Havmor, and Mother Dairy continue to dominate the mass market. However, emerging players like NOTO, GoZero, Get-A-Way, and Minus 30 are carving out premium niches with differentiated value propositions.
The Road Ahead
With a sharpened focus on product innovation, consumer trust, and distribution excellence, the company is poised to become a market leader in the healthy dessert space. The brand is not just selling ice cream — it is building a new category that aligns with the modern Indian lifestyle.
As India continues to embrace mindful eating without sacrificing indulgence, NOTO’s journey is one to watch. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.