JustMyRoots Acquires The State Plate to Expand Presence in Intercity Food Market

• ByStartupStory     |    September 11, 2023

JustMyRoots, an intercity food delivery startup, has announced its acquisition of The State Plate (TSP), a prominent player in the non-perishable packaged food segment. This strategic move is part of JustMyRoots’ expansion plan to strengthen its presence in the packaged intercity food market across India.

TSP, known for its innovative approach and featured on Shark Tank India Season 1, had garnered attention from investors. Lenskart CEO Peyush Bensal backed the company, and it also secured pre-seed capital from venture capital fund Antler India, with a valuation of nearly $2 million.

As per the agreement, the founders of TSP, Muskaan Sancheti and Raghav Jhawar, will integrate into the JustMyRoots team while continuing to manage the business.

Samiran Sengupta, CEO at JustMyRoots, expressed his enthusiasm for the acquisition, stating, “JustMyRoots has always been committed to redefining intercity food delivery in India, and this acquisition represents a significant stride toward that vision.”

Former Indian cricketer Sourav Ganguly recently acquired a minority stake in JustMyRoots, further solidifying the startup’s position in the food delivery industry.

Muskaan Sancheti, Co-founder of The State Plate, shared her excitement in a LinkedIn post, saying, “This acquisition makes our combined entity the largest player in the regional foods market. Together, we are perfectly aligned on how we want to grow our company to unimaginable heights. This partnership is a perfect synergy. With their logistical, operational excellence and leadership in the intercity fresh food space, and our expertise in the packaged food space, I am beyond excited to see what we both can achieve together.”

She also extended her gratitude to various individuals and organizations, including her family, the Antler India team, MetaLaw Offices, and investment banker Rohit Bhargava, who facilitated the deal.

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