SUMMARY
The startups plans to use the funds for expansion and in-house production of packaging solutions
Besides being an intercity food delivery platform, JustMyRoots also wants to launch intra-city food delivery services
To date, JustMyRoots claims to have raised a total of INR 31 Cr from high net worth individuals
Former Indian cricketer Sourav Ganguly has reportedly acquired a minority stake in food delivery startup JustMyRoots for an undisclosed amount. Further, he has also signed an endorsement agreement with the startup.
Founded by Samiran Sengupta, Rajan Sachdeva and Promita Sengupta in 2016, the startup serves as an intercity food delivery provider. According to an Economic Times report, JustMyRoots is also planning to raise INR 120 Cr to INR 150 Cr for expansion, and is in talks with several investors for the same.
According to the cofounder Samiran Sengupta, the startup plans to create in-house packaging solutions and start intra-city food delivery services to join the likes of Swiggy and Zomato with the fund infusion.
Commenting on the investment, Ganguly said, “I myself prefer to order food and eat at home. Most people nowadays have long working hours and going to a restaurant is not always possible. So, I decided to pick up a strategic stake as a personal investment.”
He further added that he has been keen on investing in startups and currently, has stake in four businesses, out of which he encashed one recently.
With this, the investment raised by JustMyRoots from high net worth individuals rose to INR 31 Cr. The startup reported a revenue of INR 208 Cr for 2022-23 and looks to make it to INR 350 Cr in FY24.
ET quoted Sengupta saying, “We are still burning money but expect the business to turn EBITDA positive by this fiscal end. We are a large player in intercity food delivery operating in 30 cities, but we want to now enter same-city delivery by delivering food even 40-50 km away and ensuring it remains hot with our proprietary technology. This will start in Delhi-NCR, Mumbai, Kolkata and Bengaluru by Diwali.”
To initiate fresh food delivery, the startup has adopted a hot chain supply solution which helps the startup keep food hot for at least 4 to 5 hours and also, a cold chain to preserve food for at least 72 hours. These solutions are developed by the startup’s subsidiary named Acaya, and has applied for a patent. In addition, the startup is also planning to offer this solution to other sectors.
It is not new for India to see cricketers endorse or invest in startups. For instance, in June this year, Shikhar Dhawan invested in D2C food startup TagZ and also joined the startup as brand ambassador.
Yet another D2C food startup Yu, saw investment coming from Hardik Pandya, and also roped him in for brand endorsement.
Other cricketers including the likes of Sachin Tendulkar and Anil Kumble among others also have put in money in several Indian startups.
