 "mergers and acquisitions")
Justmyroots, an inter-city food delivery startup, has acquired regional cuisine and grocery delivery platform The State Plate (TSP) for an undisclosed amount.
TSP’s founders Muskaan Sancheti and Raghav Jhawar will integrate with the Justmyroots team. They will continue to “spearhead” and manage the TSP brand as it works to become a Rs 100-crore brand in the next three years.
Justmyroots said the acquisition will help it to expand it range of high-quality and non-perishable food. “Justmyroots has always been committed to redefining intercity food delivery in India, and this acquisition represents a significant stride toward that vision,” said Samiran Sengupta, founder and chief executive officer (CEO) of Justmyroots. “…Muskaan and Raghav will play cross functional across both the organisations and will help us develop products for the younger customers.”
Sparrow Advisory, a Gurugram-based boutique investment bank run by Rohit Bhargava, acted as financial advisor to both JustMyRoots and TheStatePlate on the deal.
Founded in 2021, TSP delivers a wide range of state-specific food, groceries and ingredients. The company was featured on the first season of Shark Tank India and went on to receive funding from Peyush Bensal, CEO of eyewear brand Lenskart, on the reality TV show. The company’s founders had raised pre-seed capital from the venture capital fund Antler India previously at nearly a $2 million valuation.
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“As the market for regional food is also highly unorganised, no single brand exists for many local staples, spices, pickles, snacks, etc. We are building a business model suited perfectly to meet the needs of the highly diverse Indian community, each with its own food habits, cultures, festivals, and traditions. We are both a curated marketplace for popular regional food brands, and a private label for many local Indian foods,” said Sancheti, CEO of TSP.
In July 2023, Justmyroots got an investment from former Indian cricketer Sourav Ganguly.
