NOTO Ice Cream, India’s leading guilt-free ice cream brand, has raised ₹15 crore in its latest funding round led by Inflection Point Ventures (IPV), with participation from JITO and Lets Venture. The funds will be utilized for expanding into Tier 1 and Tier 2 cities, launching innovative flavors and formats for the summer, supporting marketing on food-tech aggregators and quick-commerce platforms, upgrading infrastructure, and boosting brand awareness through experiences.
Founded in 2019, NOTO Ice Cream has disrupted the ice cream industry by offering indulgent, healthy ice cream options that don’t compromise on taste. With a mission to provide healthier alternatives without sacrificing flavor, NOTO is rapidly becoming a market leader in the good-for-you ice cream category. The brand is also backed by well-known personalities such as John Abraham, Rannvijay Singha, and Kunal Bahl, who share NOTO’s vision of making guilt-free indulgence accessible to all.
NOTO was co-founded by Varun Sheth, a chef and serial entrepreneur with extensive experience in the hospitality industry, and Ashni Shah, a design and fashion enthusiast with expertise in marketing and operations. Varun’s entrepreneurial journey began with 1Tablespoon, which pioneered the concept of sourdough pizzas in Mumbai, while Ashni’s background in creative entrepreneurship helped establish her as a force in the hospitality sector.
Vinay Bansal, Co-Founder, Inflection Point Ventures, says: “Health-conscious consumers often struggle between satisfying their sweet cravings and adhering to a healthier lifestyle. The existing options often compromise on taste or nutritional value, creating a gap in the market for truly guilt-free indulgence. NOTO ice-cream is solving this problem with its unique flavours that don’t compromise on either taste or nutritional values. At IPV, we are drawn to the startup’s commitment to address a real consumer need. Their vision to redefine desserts aligns with lots of Indians, making it a scalable startup with meaningful impact.”
NOTO is operational across multiple cities including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune, and is expanding aggressively into new markets such as Ahmedabad, Kolkata, and Lucknow. The brand is listed on food delivery platforms like Swiggy and Zomato, as well as quick commerce platforms such as Zepto, Blinkit, Instamart and Flipkart.
NOTO stands out in the competitive ice cream market by offering guilt-free indulgence with premium quality ingredients that ensure no compromise on taste. Its innovative flavors and formats, combined with its focus on healthier alternatives like low-calorie, low-sugar ice creams, have made it a top choice among health-conscious consumers. The brand’s ethos, “Eating, Not Cheating,” resonates strongly with customers.
Varun Sheth, Co-Founder & CEO, NOTO, says “At NOTO, Eating, Not Cheating is at the heart of everything we do – we serve desserts that are guilt-free and full of flavor. This funding fuels our expansion into Tier 1 and Tier 2 cities, paves the way for more NOTO-riously good innovations. As we continue to redefine the ice cream experience, we’re excited to scale new heights. We appreciate IPV’s support in this journey.”
NOTO Ice Cream has garnered significant recognition, with notable achievements including being awarded “Product of the Year” for Chocolate Mini Bites at the Channelier FMCG Awards in 2022, being named “Most Loved Brand on Social Media” and “Top Consumer Packaged Brand” in 2023 by LBB x Nykaa, and receiving the title of “Best Vegan Ice Cream” for its Vegan Mango Raspberry flavor at the Peta India Vegan Food Awards in 2023.
The Indian ice cream market, valued at ₹228.6 billion in 2023, is projected to reach ₹956 billion by 2032. With a shift towards premium, healthy, and innovative ice cream offerings, the market is poised for significant growth, driven by higher disposable incomes and the increasing penetration of quick commerce platforms.
