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Product cover image for After the Tank: Choosing the Right Capital to Scale Iceberg

After the Tank: Choosing the Right Capital to Scale Iceberg

Jayakumar, Tulsi; Gupta, Anupama

Product #:W49103
Supplier:Ivey
Discipline:Entrepreneurship
Setting:Asia;India, 2024
Details:Case (PDF) • 16 pages • 2026-05-29

Subjects:

EntrepreneurshipStrategyEntrepreneurshipStrategy

Industries:

Goods, trade, and consumer servicesGoods, trade, and consumer services

Geography:

IndiaAsiaIndia
Your Price:$10.54

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This case examines the strategic dilemma faced by the founder of Iceberg Organic Ice Creams (Iceberg) in September 2024 following an unsuccessful attempt to raise equity through Shark Tank India. Since its founding in 2013, Iceberg had experimented with scaling models, including company-owned, company-operated (COCO) growth and rapid franchise-owned, franchise-operated (FOFO) growth. While franchising enabled rapid expansion, it also exposed deep misalignments around control, margins, and organizational capability. As Iceberg repositioned itself as a premium, organic, brand, capital investment and execution demands increased. The founder had to reassess not just how to fund growth, but which form of capital and operating model could support sustainable scaling without undermining brand integrity-COCO, FOFO, private equity or venture capital (PE or VC), or franchise-invested, company-owned and -operated (FICO). Tulsi Jayakumar is affiliated with SP Jain Institute of Management & Research;Anupama Gupta is affiliated with SP Jain Institute of Management & Research

Learning Objectives

This case is well suited for master of business administration (MBA) and executive MBA courses in strategy, business models, entrepreneurship, franchising, and scaling new ventures, as well as electives on family and founder-led businesses and retail and consumer brand strategy. At the undergraduate level, it can be used in strategic management or entrepreneurship courses to illustrate early-stage growth choices and the consequences of misaligned scaling models. After working through the case a
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Case Study: After the Tank: Choosing the Right Capital to Scale Iceberg (English version) | Ivey Publishing