JustMyRoots Acquires The State Plate: Strengthening Regional Food Offerings 2023
JustMyRoots Acquires The State Plate: Strengthening Regional Food Offerings 2023
The State Plate (TSP), a participant in the packaged non-perishable food market, has been bought by JustMyRoots, a platform for interstate food delivery. Muskaan Sancheti and Raghav Jhawar, the 23-year-old founders of TSP, will continue to lead and manage the company under the terms of the agreement. With the agreement, TSP hopes to build a brand worth Rs 100 crore over the following three years.
According to Samiran Sengupta, founder and CEO of JustMyRoots, “JustMyRoots has always been committed to redefining intercity food delivery in India, and this acquisition represents a significant step towards that vision.”
There is no one brand for many regional staples, spices, pickles, snacks, etc. since the market for regional cuisine is also quite unorganised, according to Muskaan Sancheti, co-founder and CEO of The State Plate. We are developing a business strategy that is ideal for serving the demands of the incredibly varied Indian population.
They provide as both a private label for numerous indigenous Indian cuisines and a curated marketplace for well-known regional food brands.To better serve the sizable Indian diaspora that is spread out around the globe, the firm intends to step up its foreign market growth.
Shark Tank India Season 1 featured The State Plate, which received money from Lenskart CEO Peyush Bansal. The business had received pre-seed funding from VC firm Antler India at a valuation of about $2 million.
Sourav Ganguly, a former Indian cricketer, invested in JustMyRoots in July 2023. Both JustMyRoots and TheStatePlate received financial advice on the transaction from Rohit Bhargava’s Sparrow Advisory, a boutique investment bank with offices in Gurugram.
In a significant move that promises to reshape the landscape of the packaged food industry, JustMyRoots, a leading online marketplace for regional and ethnic food products, has announced its acquisition of The State Plate, a prominent regional packaged food provider.
This strategic acquisition is set to not only broaden JustMyRoots’ product offerings but also strengthen its position in the fiercely competitive market of regional and traditional foods
JustMyRoots, founded in 2015, is an e-commerce platform that specializes in sourcing and delivering a diverse range of regional and ethnic foods to consumers worldwide. With a mission to bridge the gap between consumers and authentic, regional culinary experiences, JustMyRoots has grown steadily over the years, earning a reputation for its commitment to quality, authenticity, and customer satisfaction.
The State Plate, on the other hand, is a well-established provider of regional packaged food products. Founded in 2008, the company has been instrumental in bringing the flavors and traditions of various Indian states to the shelves of supermarkets and the kitchens of countless households.
The State Plate has earned a loyal customer base by offering a wide array of packaged food products, including snacks, condiments, spice blends, and ready-to-cook meals, all rooted in regional cuisines.
JustMyRoots’ acquisition of The State Plate presents an exciting opportunity for the company to expand its product portfolio significantly. The State Plate’s extensive range of regional food products will now be available to JustMyRoots’ customers, allowing them to explore and savor regional flavors from across India.
The merger will also bring together the supply chain and distribution networks of both companies. This synergy will likely lead to improved efficiency and quicker delivery times for consumers, further enhancing the customer experience.
One of the critical aspects of this acquisition is the commitment to preserving the authenticity of regional cuisines. JustMyRoots and The State Plate share a common goal of ensuring that the traditional flavors and culinary heritage of different regions are faithfully represented in their products. This alignment of values is expected to resonate with consumers who seek genuine regional food experiences.
With this strategic acquisition, JustMyRoots is poised to strengthen its market position significantly. The company can now offer a more comprehensive and diverse range of products, which is particularly relevant in today’s consumer landscape, where demand for authentic and diverse food experiences is on the rise.
The combined expertise and resources of JustMyRoots and The State Plate are likely to foster innovation in the development of new regional food products. This could lead to the creation of unique blends, flavors, and meal solutions that cater to the evolving tastes of consumers.
The acquisition of The State Plate by JustMyRoots is a clear indication of the growing importance of regional and ethnic foods in the global food industry. Consumers today are increasingly seeking authentic and culturally rich culinary experiences, and this acquisition positions JustMyRoots as a major player in meeting this demand.
Furthermore, it underscores the potential for consolidation within the packaged food sector as companies strive to expand their product offerings and capture a larger share of the market. The food industry is witnessing a transformation, with consumers valuing quality, authenticity, and diversity more than ever before.
JustMyRoots’ acquisition of The State Plate represents a significant development in the packaged food industry.
It not only offers exciting opportunities for consumers to explore a wide range of regional flavors but also signals a shift in the industry toward greater authenticity and diversity.
As these two companies join forces, they have the potential to create a lasting impact on the way we experience and enjoy regional cuisine, both in India and around the world.
