A purely Indian ice cream brand made with Indian-grown fruit, Naturals Ice Cream has expanded to more than 170 stores across 15 states, and grown to annual revenue of about 3.8 billion rupees (₹380 crore / about 6.6 billion yen). Going forward, centered on Tier 1-2 cities, it plans to add 30 stores (Chennai and Lucknow already confirmed), accelerating its penetration into Tier 2-3 cities.
Naturals has built its following on flavors that foreground seasonal fruits like mango. Financially, its post-pandemic recovery is clear, having climbed back from about 931 million rupees (₹93.14 crore) in FY21 to about 2.94 billion rupees (₹294.02 crore) in FY24, with FY26 revenue growth projected at 25-30%. It is a textbook case of a homegrown brand holding the top spot in an Indian ice cream market where foreign brands are on the offensive.
The core of its store-opening strategy is combining physical stores with cloud kitchens. Partnering with Rebel Foods, it supplies dark zones — areas not yet commercially ready for a physical store — ahead of time via cloud kitchens. This design captures demand in Tier 2-3 cities without missing out, while keeping store investment down. In the medium term, it has its sights on 5 billion rupees (₹500 crore / about 8.7 billion yen) in revenue and a scale of 200 stores by FY27.
Naturals' strength lies in its ingredient story of local seasonal fruit and its hybrid network of stores plus cloud kitchens. For Japanese food and D2C companies targeting demand in India's regional cities, a staged approach — confirming demand via a cloud kitchen before opening a physical store, rather than committing to a store right away — is instructive. Its use of ingredient provenance as a core selling point is also suggestive.
| Item | Description |
|---|---|
| Brand | Naturals Ice Cream (Indian homegrown brand) |
| Store network | 170+ stores / 15 states |
| Annual revenue scale | about 3.8 billion rupees (₹380 crore / about 6.6 billion yen) |
| Expansion plan | 30 stores in Tier 1-2 cities (Chennai and Lucknow confirmed) |
| Cloud kitchen | Partnership with Rebel Foods, supplying blank zones ahead of time |
| Medium-term target | 5 billion rupees (₹500 crore / about 8.7 billion yen) in revenue and a scale of 200 stores by FY27 |
Related reading:
-Kwality Wall's eliminates palm oil entirely in favor of dairy fat — a structural shift in India's ice cream market
-Conquering Instant-Delivery Platforms With "Canned Ice Cream": Dairy Day Launches Q-Commerce-Only Brand Ob &
-The Flavor Sweltering India Chooses: Sindhu Mango Ranks First, Swiggy Data Shows Bengaluru Leads in Ice Cream
Source: India Retailing／Indian Retailer
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