Cricket legend Sourav Ganguly has recently become a proud part owner of the food delivery startup, JustMyRoots. In addition to his ownership stake Ganguly has also signed an endorsement deal with the company. JustMyRoots is currently aiming to secure funding for its expansion plans and intends to offer intra city food delivery services. Ganguly, who has demonstrated a keen interest in investing in startups already holds stakes in four other businesses.
Former Indian cricketer Sourav Ganguly has reportedly made a savvy move by acquiring an undisclosed minority stake in the innovative food delivery startup JustMyRoots. Adding to the excitement, Ganguly has also inked an endorsement agreement with this promising venture.
Founded back in 2016 by the dynamic trio of Samiran Sengupta, Rajan Sachdeva, and Promita Sengupta, JustMyRoots has carved a niche for itself as a reliable intercity food delivery provider.
Recent reports from media suggest that the startup is now eyeing a substantial funding round of INR 120 to 150 crore to fuel its expansion plans, with ongoing discussions underway with potential investors.
Samiran Sengupta, one of the startup’s co-founders, shared that JustMyRoots intends to leverage the incoming funds to develop its in-house packaging solutions and branch out into intra-city food delivery services, pitting itself against the formidable players in the market such as Swiggy and Zomato. The infusion of capital is expected to play a pivotal role in enabling this exciting transition.
Expressing his thoughts on the investment, Ganguly revealed his personal inclination towards ordering food and enjoying it within the comforts of his home. In an era marked by long working hours and limited leisure time, visiting a restaurant isn’t always feasible.
Thus, Ganguly saw an opportunity to make a strategic investment and acquire a stake in JustMyRoots. This move aligns with his broader investment strategy, as he currently holds stakes in four businesses, having recently cashed out from one of them.
With Ganguly’s entry into the fold, JustMyRoots has experienced a notable surge in investments from high net worth individuals, amounting to a staggering INR 31 crore. The startup’s financial performance for the fiscal year 2022-23 indicates a promising revenue of INR 208 crore, and it aims to surpass the INR 350 crore mark in the coming fiscal year, FY24.
Samiran Sengupta, speaking to media, outlined the company’s ambitions, highlighting their ongoing pursuit of profitability. While JustMyRoots is currently operating at a loss, they anticipate achieving positive earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of this fiscal year.
The company already boasts a significant presence in 30 cities, primarily focusing on intercity food delivery. However, their strategic vision extends beyond that, as they aim to introduce same-city delivery services, reaching distances of up to 40-50 kilometers from their base, while ensuring the food remains piping hot. Their proprietary technology plays a vital role in achieving this goal. The initial rollout is planned for metropolitan areas like Delhi-NCR, Mumbai, Kolkata, and Bengaluru, set to commence by Diwali.
In their quest to revolutionize food delivery, JustMyRoots has developed an innovative hot chain supply solution, enabling them to keep food deliciously warm for a remarkable duration of 4 to 5 hours. Additionally, they have implemented a cold chain infrastructure capable of preserving food freshness for up to 72 hours.
These pioneering solutions, created by the startup’s subsidiary called Acaya, have even been submitted for patent consideration. Excitingly, JustMyRoots plans to extend these groundbreaking advancements to other industries, presenting a plethora of possibilities.
The Indian startup landscape has witnessed a notable trend of cricketers endorsing and investing in innovative ventures, and JustMyRoots falls right into this exciting pattern. Earlier this year, cricketing stalwart Shikhar Dhawan made an investment in the direct-to-consumer (D2C) food startup TagZ, simultaneously joining the company as its brand ambassador.
Another D2C food startup, Yu, experienced a similar boost when Hardik Pandya not only invested in the venture but also became its esteemed brand ambassador.
Notably, several other cricketing legends, including Sachin Tendulkar and Anil Kumble, have actively invested their money in various Indian startups, further fueling the entrepreneurial spirit in the country.
