In a large mixing bowl, whisk together sweetened condensed milk and iced coffee.
Add half of the whipped topping and gently stir it in.
Add the remaining whipped topping and stir in until no streaks of the whipped topping remain.
Cover the bowl with a plastic wrap and chill for at least 2 hours.
When your ice cream mixture is chilled, stir in the coffee granules.
Pour the ice cream mixture into your ice cream maker and churn according to the manufacturer directions.
Scrape the ice cream into a container. Drizzle the caramel sauce over the surface. At this point the ice cream is a soft-serve consistency. You can serve it as is or freeze for the scoop-able type of ice cream. Cover the container and freeze the ice cream for at least 8 hours to overnight.