Naturals Ice Cream Franchise
Franchise paused: Naturals isn't taking new franchise requests. 185 parlours on its locator, mostly run by outside firms; FY25 revenue ₹412.8 Cr.
Naturals Ice Cream has paused franchising in India
This page is here so you can research the brand and compare it with others — it is not a franchise offer. Anyone selling a "Naturals Ice Cream franchise" to you is not authorised by the brand. See the note below for how the brand actually runs its stores.
About This Listing
Naturals Ice Cream says on its franchise page that it is currently not accepting any franchise requests. Its franchise FAQ adds that it no longer considers queries for Mumbai, Navi Mumbai, Thane district, Pune, Nashik, Nagpur, Indore, Sangli, Kolhapur, Bangalore, Belgaum, Mangalore, Manipal, Udupi, Hyderabad, Goa, Jaipur and Aurangabad because those areas are allotted or reserved for existing franchisees, that it does not appoint distributors, and that it has no plans to franchise outside India. In Feb 2025 the company warned that fraudsters are selling non-existent Naturals franchises through fake email addresses, lookalike websites and forged documents, and said it has never authorised franchise agents.
Source: Natural Ice Cream franchise queries page and franchise FAQ (Oct 2026); company fraud notice dated 21 Feb 2025
Naturals Ice Cream franchise at a glance (terms checked Oct 2026)
Investment
Not published
The brand doesn't publish its investment
Ongoing take
No outright fee or royalty; the company earns by selling ice cream to franchisees*
Franchise fee
Not published
Payback
Not published
* Not verified — the brand doesn't publish this; the figure comes from other published sources or FranchiseChuno's estimate (see "Reported elsewhere" and "Our estimates" below). Real numbers can differ.
- Disputes with franchisees: None found (records checked Oct 2026)
- Profit or loss: Profit of ₹46.1 Cr in FY25
- Company standing: Active and up to date with the registrar
Franchisor strength isn't franchisee profit — check real outlet numbers.
Outlets
185 verified
Brand claims 170
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Revenue trend
- • Ongoing take
Ask before you sign
- Get written confirmation that Naturals Ice Cream is taking franchisees at all before paying anything — see the note at the top of this page.
- Get a written, itemised cost breakdown — the brand hasn't published one.
- Ask for the one-time franchise fee in writing, and whether any part is refundable.
Franchise terms checked against Naturals Ice Cream's official franchise queries page and franchise FAQ on 10 Oct 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Reported Elsewhere
Not verifiedNaturals Ice Cream doesn't publish these figures. Other sources have reported them, so they're here to give you a rough idea only. They may be out of date or wrong, and the real numbers can differ a lot — get them from the brand in writing before you decide.
- Franchise fee and royaltyReported by Outlook Business, Feb 2015 · Old report; the current FAQ says no deposit or franchise fee is required now but that both may be introduced.
- No outright fee or royalty; the company earns by selling ice cream to franchisees*
- Franchisee margin on ice cream bought from the companyReported by Outlook Business, Feb 2015 · Gross margin on sales, not profit; old figure.
- About 30–35%*
- Exclusivity and store design (2015 model)Reported by Outlook Business, Feb 2015 · Old report of the franchise model; the company publishes no franchise agreement today.
- Franchisees could sell only Naturals ice cream and had to fit out the store in the Naturals design*
Reputation & News
1 red flag to checkWhat the press, courts and real franchisees or customers have said about Naturals Ice Cream — summarised by us, with every source linked.
âš Scam alert
Company warns of fake Naturals franchise offers
In a notice dated 21 Feb 2025, Kamaths Ourtimes Icecreams says fraudsters are taking payments for non-existent Naturals franchises using fake email addresses and lookalike websites and issuing forged documents with its logo; it has reported this to the police, uses no agents and takes applications only through its own website.
Source: Natural Ice Cream website notice (the brand's own site)- In the news· May 2024
Founder Raghunandan Kamath dies at 70
The founder, known as the 'Ice Cream Man of India', died in May 2024; the business remains with his family.
Source: Deccan Herald - In the news· Feb 2015
How the Naturals franchise model worked (2015)
Franchisees paid no outright fee or royalty, bought ice cream at a discount leaving a 30–35% margin, couldn't sell other brands; the company ran only four stores itself then. Transport and short shelf life limited distant cities.
Source: Outlook Business - Legal / regulatory· Feb 2022
Kamath family wins interim injunctions against lookalike 'Natural' sellers
Bombay High Court ad-interim injunctions in 2021 and 2022 suits over NATURAL marks; the family told the court it received over 1 lakh franchise enquiries between Dec 2017 and May 2021.
Source: Indian Kanoon - employee_opinion★ 4.1/5 · 84 ratings
AmbitionBox: Natural Ice Cream 4.1/5
Rated 4.1 out of 5 from 84 company reviews on the 'Natural Ice Cream' page.
Source: AmbitionBox
Show 2 moreShow fewer
- employee_opinion★ 3.9/5 · 55 ratings
AmbitionBox: Kamaths Ourtimes Ice cream 3.9/5
Rated 3.9 out of 5 from 55 company reviews on the manufacturing company's page.
Source: AmbitionBox - In the news· Feb 2025
CRISIL upgrades Kamaths Ourtimes to A/Stable
Cites 175 stores in 15+ states, group net worth of ₹188 Cr and low gearing (0.14x) at Mar 2024; operating margins swung between about 12% and 18% over FY22–FY24 because raw materials (milk, fruit, sugar) are over half of sales.
Source: CRISIL Ratings
Key Terms at Naturals Ice Cream
The clauses that shape day-to-day running and your exit — read these before the fee.
- Payments to the brand
- The franchise FAQ says no deposit or franchise fee is currently required, but that the company plans to introduce them and will update its website.
- Supply & stock
- The company handles distribution itself and supplies stores from its Mumbai plant; it does not appoint distributors.
- Other terms
- Naturals says it is not an absentee business and expects the franchisee to be involved in running the store.
- Territory
- Areas may be allotted or reserved for existing franchisees expanding nearby; queries for 18 listed cities are not being considered.
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Not specifiedContract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
YesExit Clause
—About the Brand
Brand USP
Naturals is known for fruit flavours such as sitaphal, tender coconut and jackfruit, all made at one company plant in Kandivali, Mumbai (75 lakh kg a year, per CRISIL) that supplies every parlour directly — it appoints no distributors.
Why invest in Naturals Ice Cream?
Naturals Ice Cream by the Numbers
Source marked on each figure170+ in 40+ cities
Outlets · Oct 2026
Brand claim175 in 15+ states
Stores (CRISIL) · Feb 2025
Independent185 (23 run by the company's retail subsidiary)
Outlets in store-finder data · 10 Oct 2026
Store locator75 lakh kg a year (Kandivali, Mumbai)
Plant capacity · Feb 2025
IndependentMore than 1 lakh, Dec 2017–May 2021 (company's statement in court)
Franchise enquiries received · Feb 2022
Brand claimNaturals Ice Cream Outlet Network
Outlet count over time
- 2005 (company, Mar 2022 interview)65
2005 · freepressjournal.in
- Feb 2015120
Feb 2015 (26 cities) · outlookbusiness.com
- Mar 2022140
Mar 2022 (140+, 35 cities) · freepressjournal.in
- Feb 2025175
Feb 2025 (CRISIL) · crisilratings.com
- 10 Oct 2026185
Oct 2026 (store-finder data) · naturalicecreams.in
These counts come from different sources — brand claims, press reports and store locators — so they aren't a like-for-like series. Treat the brand's own claims as the upper end.
By channel · 10 Oct 2026
- Run by other firms and individuals (110 names)162
- Run by Kamaths Natural Retail Pvt Ltd (company subsidiary)23
By state · 10 Oct 2026
- Maharashtra101
- Karnataka18
- Gujarat11
- Delhi9
- Madhya Pradesh8
- Telangana6
- Kerala5
- Chhattisgarh5
- Goa5
- Haryana4
- Rajasthan3
- West Bengal3
+ 6 more
Cities with Outlets
Show all 37 citiesHide the city list
Company Financials
Brand-level, publicly reportedThe franchisor's own company health — separate from what a single franchise outlet earns.
Revenue (FY25)
₹412.78 Cr
Net profit (FY25)
₹46.12 Cr
Employees (1 Aug 2025 (Kamaths Ourtimes Icecreams, via Tracxn; its retail subsidiary reported 339 more))
296
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What Naturals Ice Cream's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 30 Sep 2025
- Paid-up capital
- ₹25 L
- Auditor
- VPH & Associates LLP
- Brand trademark
- Registered: the NATURAL word mark in Classes 29, 30, 35 and 43, with logo registrations in Classes 29, 30, 35, 42 and 43, per the Bombay High Court's Jul 2021 order; third-party rectification applications were pending then. Registration nos. cited in that order: 641592, 1143035, 1209159, 1209160, 3177573, 3177578, 3177579 and 3177580.
Group companies
- Kamaths Natural Retail Pvt LtdSubsidiary · 100%
- Naturals Now LLPSubsidiary · 90%
- Siddhant Icecreams LLPGroup company
Source: MCA data via Tracxn (re-read 10 Oct 2026); CRISIL rating rationale Feb 2025; Indian Kanoon (checked Oct 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
Naturals Ice Cream Financials Over Time
Figures for the whole group / the brand, from filed or reported accounts.
Source: CRISIL rating rationale, Feb 2025 (consolidated: KOTI, Kamaths Natural Retail, Naturals Now LLP; operating income) · CRISIL rating rationale, Feb 2025 (consolidated; operating income) · Kamaths Ourtimes Icecreams FY25 financials (MCA data via Tracxn; standalone/consolidated not stated)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Kamaths Ourtimes Icecreams Private Limited
- Company type
- Private Limited Company
- CIN
- U15205MH1998PTC115326
- Incorporated
- 12 Jun 1998
- Headquarters
- Mumbai, Maharashtra (Kandivali)
Leadership
- RRaghunandan Srinivas KamathFounder (died May 2024)
- SSiddhant KamathDirector
Social presence
Company details source: MCA data via Tracxn; the brand's fraud notice is issued by Kamaths Ourtimes Icecreams Pvt Ltd; CRISIL rating rationale Feb 2025
Naturals Ice Cream Timeline
Feb 1984
First parlour at Juhu Scheme, Mumbai
Opened by Raghunandan Kamath as a proprietary concern.
Source1994
Franchising begins
Ten years in, the founder explored franchisees and set up a central manufacturing unit, his son said.
Source1998
Kamaths Ourtimes Icecreams Pvt Ltd formed
Private company set up to manufacture the ice cream (CRISIL).
Source2015
Rebrand and entry into Delhi
Stores redesigned; the brand entered New Delhi.
SourceMay 2024
Founder Raghunandan Kamath dies
Died aged 70; the business is run by the family.
SourceFeb 2025
CRISIL upgrades to A/Stable
From A-/Positive; A1 short-term reassigned.
SourceFeb 2025
Fake-franchise warning issued
Company notice naming fake emails and websites; reported to police.
FranchiseChuno Analysis
Our analysis of verified dataHow Naturals Ice Cream looks once the numbers are checked side by side.
- ✓The franchisor company is profitableIts latest filed accounts show a net profit. That's the franchisor's money, not yours: a profitable franchisor doesn't mean its franchisees make money. Check real outlet numbers before you invest.
- ✓32 years of franchisingFranchising since 1994, with 170 outlets.
- ✓Outlet claim matches its store locator185 outlets on its own store locator (10 Oct 2026 (the store finder's data feed lists 185 outlets in 18 states/UTs)), in line with the 170 it claims.
- !1 red flag in the news or public discussionSee Reputation & News below, and ask the brand to address each one.
Data completeness
45%
- ✓ Terms checked against the brand's own page
- â—‹ Published investment (not an estimate)
- â—‹ Franchise fee
- â—‹ Royalty
- â—‹ ROI or payback claim
- â—‹ Agreement term
- â—‹ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what Naturals Ice Cream does and doesn't publish.
- 1Get written confirmation that Naturals Ice Cream is taking franchisees at all before paying anything — see the note at the top of this page.
- 2Get a written, itemised cost breakdown — the brand hasn't published one.
- 3Ask for the one-time franchise fee in writing, and whether any part is refundable.
- 4Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
- 5Ask for the agreement term, renewal fee and exit or transfer terms.
- 6Ask whether you get an exclusive territory, and how large it is.
- 7Ask the brand to respond to each red flag listed under Reputation & News.
- 8Have a lawyer review the franchise agreement before paying anything.
- 9Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
—
Staff Needed
—
Setup Time
—
Owner Involvement
Full-time
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Training Cost
Covered by franchisor
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
What Naturals Ice Cream franchisees say
We haven't yet heard from enough Naturals Ice Cream franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a Naturals Ice Cream outlet — share how it went
