MasterChow’s FY25 Loss Widens 30% To INR 19.1 Cr Amid Top Line Dip

Ready-to-cook brand MasterChow’s net loss widened 30% to INR 19.1 Cr in the fiscal year FY25 from INR 14.7 Cr loss incurred in the previous fiscal year. The D2C startup’s bottom line was weighed down by weak top line performance in the fiscal.

MasterChow’s operating revenue for the fiscal plunged over 33% to INR 25 Cr from INR 37.6 Cr operating revenue registered in the previous fiscal. Including other income of almost INR 2 Cr, the startup’s total income for the fiscal stood at INR 27 Cr. 

Founded in 2020 by Sidhanth Madan and Vidur Kataria, MasterChow serves ready-to-cook premium Asian pantry staples like noodles, stir fry sauces, dips, among others. It offers 36 SKUs distributed under four categories — chowmein, manchurian sauce, condiments and vinegar. Their fifth category is stick noodles.

In November 2024, sources told Inc42 that the startup raised $6.5 Mn in its Series A round led by Singapore-based Tanglin Venture Partners, along with participation from Peak XV Partners’ Surge, Anicut Capital, WEH Ventures, among others.

The startup has raised a total funding of about $10 Mn till date from Anicut Capital, WEH Ventures, Fluid Ventures, Tanglin Venture Partners and Peak XV Partners’ Surge, among others.

The D2C brand competes against Yu Foods and Veeba in the D2C space, as well as FMCG giants like Nestle, Nissin, ITC, and such.

Magnifying MasterChow’s Expenses

The startup cut its overall expenses by 22% to INR 46.2 Cr while it spent INR 59.3 Cr in the previous year. The other expenses constituted 44.6% of the total expenses, reaching INR 20.6 Cr, in the year under review.

Here’s a breakdown of FY25 spends:

Employee Benefit Expenses: Employee costs, which include salaries, provident fund, gratuity, among others, saw a jump of 70% to INR 9.6 Cr from INR 5.6 in FY24. This accounted for 21% of the overall expenses in FY25.

Cost Of Materials Consumed: The startup spent 36% of its expenditure into his head. However, expenses towards materials consumed during the year under review reduced by 46% to INR 16.8 Cr from INR 31.1 Cr in FY24.

Advertising And Promotional Expenses: MasterChow’s expense towards advertising zoomed 58% YoY to INR 11.9 Cr.