Intercity food delivery platform JustMyRoots said Monday that it has acquired Antler India-backed The State Plate (TSP), which sells regional, non-perishable packaged food items.
JustMyRoots said in a statement the acquisition will help it fortify its presence in the packaged intercity food market across India. It didn't disclose financial terms of the transaction.
The State Plate had raised pre-seed capital from venture capital investor Antler India as well as Lenskart founder and chief executive officer Peyush Bansal. The company was valued at $2 million when it raised pre-seed capital from Antler in 2021.
As per the terms of the deal, TSP's founders, Muskaan Sancheti and Raghav Jhawar, will join the JustMyRoots team. They will continue to manage the TSP brand.
JustMyRoots said that, with this deal, The State Plate aims to become a Rs 100 crore brand in the next three years. The company is planning to strengthen its expansion in the international market to make Indian regional food available to the large Indian diaspora living across the world.
“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, each with its own food habits, cultures, festivals, and traditions. We are both a curated marketplace for popular regional food brands and a private label for many local Indian foods,” said TSP's cofounder and chief executive Sancheti.
JustMyRoots, which pits against Zomato's Intercity Legends platform, roped in former Indian cricketer Sourav Ganguly in July as its equity investor. Other than that, the company has raised more than Rs 30 crore in debt from high-net-worth individuals (HNIs).
Rohit Bhargava-led boutique investment bank Sparrow Advisory acted as financial advisor to both JustMyRoots and The State Plate on the deal.
