Sauces and condiments brand MasterChow is accelerating its transition into a digital-first FMCG company, with quick commerce emerging as the core growth driver, as it targets ₹200–250 crore in gross merchandise value (GMV) in the next fiscal.
Currently operating at a ₹110 crore GMV run rate, MasterChow’s scale and growth trajectory set it apart from traditional FMCG players. The brand offers 38–42 SKUs, with regular additions, and has decisively exited the restaurant and QSR segment to focus entirely on the consumer-packaged foods business.
Nearly 85 per cent of the company’s sales now come from online channels, with quick commerce contributing 50–55 per cent of total revenue, according to Vidur Kataria, Co-founder of MasterChow. “Quick commerce is the heavy lifter for us. We are an indulgence category, and instant availability works strongly in our favour,” Kataria said.
While digital remains the backbone, offline expansion is being pursued in parallel. MasterChow has built a presence across around 8,000 stores, spanning general trade and modern retail formats such as Reliance Retail, LOTS, Raj Mandir, Modern Bazaar, and several regional self-service chains. Its strongest markets include Delhi NCR and Mumbai, supported by a distributor network of about 38 partners, with additional presence in Chandigarh, Ludhiana, Jaipur and Ahmedabad.
The company plans to significantly deepen its retail footprint, targeting 25,000 stores in the medium term, while entering new markets such as Bengaluru and Hyderabad. As the offline business scales, MasterChow expects the online share of sales to stabilize at around 70 per cent.
To support its expansion, MasterChow is also ramping up manufacturing. The company operates a 20,000 sq ft facility in and around Delhi, combining in-house production with select third-party manufacturing. Capacity is set to double to 40,000 sq ft, with an investment of ₹4–5 crore by the end of next year. Production has already scaled from 12 bottles a day in its early days to nearly 20,000 bottles a day.
Product expansion remains central to the growth strategy. By the end of the next fiscal, MasterChow plans to enter three new categories and launch 18 new SKUs, with a sharper focus on indulgent snacking and adjacent consumption occasions. Marketing spends currently account for 15–20 per cent of overall sales.
The brand has posted consistent high growth over the past few years, with 90 per cent growth in the last year, following 200 per cent growth the year before. While MasterChow is currently EBITDA negative at 8–12 per cent, it is targeting profitability in 2026.
MasterChow raised its Series A round in December 2024, led by Tanglin Venture Partners, with participation from Peak XV Partners’ Surge, Anicut Capital and WEH Ventures. The company said it is not looking to raise fresh capital at present, having sufficient funding to support its next phase of scale-up.