In a saucepan on the stove, add milk, fresh cream, condensed milk, and cardamom powder. Bring it to a boil while stirring continuously. Boil for about 20 minutes.
Add the saffron milk to the pan, cook for another 5 minutes.
Switch off the stove and cool the mixture at room temperature.
Reserve ½ cup of this kulfi mixture and put it in the refrigerator.
Pour the rest of the kulfi mixture into a freezer-proof container with a tight lid. Sprinkle half of the pistachio powder on top.
Freeze for 1-2 hours or until set.
Take a cake tin, line it with plastic cling wrap.
Slice the vanilla cake sponge horizontally to get 2 parts.
Place the bottom part in the cake tin. Drizzle it with some reserved kulfi mixture. Scoop the set kulfi ice cream, spread it well over the cake until flattened.
Drizzle with some more kulfi milk.
Cover with plastic cling wrap and let it set in the freezer for 1 hour.
Remove from the freezer, demould. Place on a platter. (The plastic cling wrap will help to easily demould the ice cream cake.)
Garnish with chopped pistachios and saffron strands.
Cut and serve immediately.