In a decisive move towards diversifying its offerings and bolstering its presence in the regional packaged food industry, JustMyRoots, the prominent intercity food delivery startup, has acquired The State Plate, a startup specialised in the delivery of state-specific food products and groceries in India. This acquisition is a significant part of JustMyRoots’ strategic expansion into the vibrant sector of regional packaged foods, marking a substantial step in realising its visionary approach to reshaping the intercity food delivery landscape in India.
The Rise of The State Plate
The State Plate, conceived by Muskaan Sancheti and Raghav Jhawar in 2021, has rapidly carved a niche for itself in the regional packaged food and grocery delivery realm. The startup stands out with its diverse offerings that span a range of products, from delightful snacks and sweets to everyday staples and beverages, encompassing the authentic tastes of various Indian states including Maharashtra, Karnataka, West Bengal, and more. Their journey so far has seen notable milestones, including securing pre-seed funding from the esteemed Antler India, and bagging investments from influential personalities like Peyush Bansal, co-founder of Lenskart, and the legendary former Indian cricketer, Sourav Ganguly, during their remarkable stint on Shark Tank.
Aligning Visions: JustMyRoots and The State Plate
Samiran Sengupta, the CEO of JustMyRoots, remarked on this significant venture, asserting the company’s steadfast commitment to revolutionising the intercity food delivery sector in India. This new alliance promises not only an enlargement of the product catalogue but also an enriched customer experience, bringing the diverse culinary traditions of India to doorsteps with greater variety and convenience.
With ambitious plans to raise between INR 120 Cr and INR 150 Cr earmarked for its expansion, JustMyRoots is actively engaging with multiple investors, hinting at a grandiose blueprint for the future that envisages a significant escalation in its operational scope and services.
A Flourishing Market Space
This acquisition occurs at a time when the online food delivery market in India is witnessing an unprecedented boom. A study conducted by IMARC indicates a buoyant outlook for the sector, projecting a meteoric rise to $118.2 Bn by 2028, representing a robust CAGR of 27.8% from 2023 to 2028, up from $28.4 Bn recorded in 2022. As JustMyRoots competes with giants like Zomato and emerging players like Tastes2Plate, this strategic acquisition of The State Plate positions them favorably to seize a larger share of this burgeoning market.
By bringing together the distinctive strengths of both entities, this acquisition signals a promising future, setting the stage for a dynamic transformation in the way regional foods and delicacies are accessed and enjoyed by customers across India. As the market flourishes, the combined expertise and synergies of JustMyRoots and The State Plate
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