Intercity food delivery services startup JustMyRoots has acquired regional packaged food delivery startup The State Plate (TSP).
Founded in 2021 by Muskaan Sancheti and Raghav Jhawar, TSP is a regional packaged food and grocery delivery startup. It specialises in delivering a wide range of state-specific food products and groceries, from snacks and sweets to staples and beverages.
It offers food and ingredients from different states like Maharashtra, Karnataka, West Bengal, Rajasthan, Andhra Pradesh, Gujarat, Assam, etc.
The acquisition is part of JustMyRoots’ plans to venture into the regional packaged food industry.
Earlier, TSP had bagged funding from Lenskart’s cofounder Peyush Bansal, during Shark Tank. It had previously also raised funding from Antler India, and former Indian cricketer Sourav Ganguly.
Commenting on the acquisition, Samiran Sengupta, CEO, JustMyRoots said, “JustMyRoots has always been committed to redefining intercity food delivery in India and this acquisition represents a significant stride toward that vision.”
Previously, the startup had announced plans to raise INR 120 Cr to INR 150 Cr for expansion, and was in talks with several investors for the same.
In the intercity food delivery space, JustMyRoots competes with Zomato and comparatively smaller player Tastes2Plate among others.
According to a study conducted by IMARC, the online food delivery market of India reached $28.4 Bn in 2022. The study estimates that the market may reach $118.2 Bn by 2028 at a 27.8% CAGR during the forecast period of 2023-2028.
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