India, Feb. 18 -- In December 2017, Ankit Chona was at a crossroads. His family's ice cream brand Havmor had been a staple in more than a dozen states, and at 35, he had already dedicated 12 years leading the business. But that year, a lucrative acquisition offer landed on his desk that he could not ignore.

"The ice cream business has never been easy. After generations of hard work, you may reach a point when you think it is okay to cash in your chips," Chona told Inc42.

The year 2017 also brought a new wave of challenges. Demonetisation hit consumer spending, while the rollout of GST complicated compliance and pricing. Milk prices, crucial for ice cream, remained unpredictable, and the temporary ban on Maggi noodles (from Nestle) a cou...