D2C food brand MasterChow expects its revenue to nearly triple year-on-year to INR 72 Cr in the fiscal year ending March 2026 (FY26) on the back of strong demand for its products and expansion plans.

In a statement, the startup said that it is aiming for an ARR of INR 120 Cr by the end of FY26. It is banking on offline retail expansion and increase in online market share for this.

MasterChow aims to expand its presence to 20,000 offline retail stores and reach a revenue of INR 200 Cr by FY27. Currently, the brand gets 90% of its revenue from online channels.

MasterChow founder and director Vidur Kataria told Inc42 that the brand currently has a presence in 3,000 offline retail stores. While it is currently expanding in metro cities via the offline channels, online distribution is helping it expand its presence in tier II cities as well.

Founded in 2020 by Sidhanth Madan and Kataria, MasterChow sells noodles, stir fry sauces, dips, among others. It offers over 35 SKUs under categories like chowmein, manchurian sauce, condiments and vinegar. It sells its products via its own website, quick commerce platforms, and offline stores.

“In terms of distribution channel, quick commerce works best for us, with Blinkit being the leader out of the lot. We are available on all the quick commerce platforms, including Blinkit, Zepto, Swiggy, BigBasket, Amazon, Flipkart Minutes, First Club, among others,” Kataria said.

Profitability & Expansion Plans

Moving ahead, MasterChow is also focussing on achieving EBITDA break even or single-digit positive  EBITDA in FY27. 

To fuel its growth and achieve profitability, the D2C brand is looking to expand its product suite by entering new categories. Kataria said that MasterChow holds more than 60% market share in categories like chilly oil. Without disclosing the new categories it is targeting, the cofounder said that MasterChow will look to acquire new customers through marketing campaigns and providing discounts.

“While entering a new city, you have to be aggressive on discounting and marketing. By FY27, the majority of cities in which we are present will start becoming profitable,” he added. 

Notably, MasterChow’s FY25 net loss widened 30% to INR 19.1 Cr from INR 14.7 Cr in the previous fiscal year. Meanwhile, its revenue declined over 33% to INR 25 Cr from INR 37.6 Cr in FY24.

However, MasterChow said that the fall in revenue was due to reclassification of its financial statements to align with Generally Accepted Accounting Principles (GAAP), which resulted in exclusion of inter-branch sales from the total revenue. The same adjustment could not be made in the FY24 revenue numbers. As a result, its revenue showed a sharp decline. 

The Peak XV Partners-backed startup attributed the rise in FY25 loss to “strategic investments” in talent acquisition and marketing. Its employee benefit expenses saw a jump of 70% YoY to INR 9.6 Cr in FY25, while advertising expenses surged 58% YoY to INR 11.9 Cr.

Backed by the likes of Anicut Capital, WEH Ventures, and Peak XV’s Surge, MasterChow has raised a total funding of about $8.2 Mn to date.

MasterChow's Funding History

Source: Inc42 Datalabs

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