In a medium size pot or deep pan (about 4 quarts or larger – one that comes with a lid) over medium heat, add a few popcorn kernels. When they start popping, add the remaining kernels and shake the pan so they are evenly distributed. Cover most of the pan with a lid, with a little space to allow steam to escape.
When the popcorn finishes popping (after 3-4 minutes), transfer to a large bowl and set aside.
Add all the ingredients for the masala seasoning into a small pot over low heat, and stir to combine. When the sugar has melted, turn the heat off and immediately pour over the popcorn. Stir until the popcorn is evenly coated. Serve.