JustMyRoots, an intercity food delivery platform, has acquired The State Plate (TSP), a player in the non-perishable packaged food segment. Under terms of the deal, TSP’s 23-year-old founders, Muskaan Sancheti and Raghav Jhawar, will continue to manage and spearhead the brand. With the deal, TSP plans to become a Rs 100 crore brand in the next three years.
“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 CEO, JustMyRoots.
Muskaan Sancheti, Co-founder and CEO, The State Plate said, “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. We are both a curated marketplace for popular regional food brands, and a private label for many local Indian foods.”
The company plans to strengthen its expansions in the international market to make Indian regional food available to the large Indian diaspora living across the world.
The State Plate was featured on Shark Tank India Season 1 and had bagged funding from Peyush Bansal, CEO, Lenskart, on the show. The company previously had also raised pre-seed capital from VC firm Antler India at a nearly $2mn valuation.
In July 2023, former Indian cricketer Sourav Ganguly had made an investment in JustMyRoots.
Sparrow Advisory, a Gurugram-based boutique investment bank run by Rohit Bhargava, acted as financial advisor to both JustMyRoots and TheStatePlate on the deal.