Sourav Ganguly, the former Indian cricketer, has reportedly acquired a minority stake in the food delivery startup JustMyRoots for an undisclosed amount. Additionally, he has also signed an endorsement agreement with the startup, as per the latest information available.
JustMyRoots, an intercity food delivery provider, was established in 2016 by Samiran Sengupta, Rajan Sachdeva, and Promita Sengupta. In line with recent news from the Economic Times, the startup is currently contemplating a fundraising round of INR 120 to INR 150 Crore to support its expansion plans. The company is actively engaged in discussions with multiple potential investors for this purpose.
With the recent infusion of funds, the startup intends to develop its own packaging solutions and venture into intra-city food delivery services, aligning itself with renowned platforms like Swiggy and Zomato, as stated by Co-Founder Samiran Sengupta.
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.”
Furthermore, he emphasized his strong interest in investing in startups. Presently, he holds stakes in four different businesses, and he recently decided to cash out one of those investments.
JustMyRoots witnessed a surge in investment from high net worth individuals, reaching INR 31 Cr. The startup recorded a revenue of INR 208 Cr for the fiscal year 2022-23 and is determined to reach INR 350 Cr in the upcoming fiscal year, 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.”
In order to launch its fresh food delivery service, the startup has implemented a hot chain supply solution that effectively maintains the temperature of food for a minimum of 4 to 5 hours. Additionally, they have developed a cold chain solution to preserve food for at least 72 hours. These innovative solutions have been created by the startup’s subsidiary, Acaya, and they have already applied for a patent for them. Furthermore, the startup has plans to extend these solutions to other industries apart from their own.
It is not new for India to see cricketers endorse or invest in startups. A recent example of this trend occurred in June this year when Shikhar Dhawan invested in D2C food startup TagZ and also joined the startup as its brand ambassador.
Read More: TagZ Foods gains Shikhar Dhawan’s backing, enlists him as brand ambassador for nutritious snacking
Yet another D2C food startup Yu, saw investment coming from Hardik Pandya, and also roped him in for brand endorsement.
Read More: Indian cricketer Hardik Pandya makes strategic investment in chef-crafted food brand Yu
Other cricketers including the likes of Sachin Tendulkar and Anil Kumble among others also have put in money in several Indian startups.
