Indian cricketers investing in startups is not at all new. Joining the bandwagon is former Indian cricketer Sourav Ganguly. Sourav Ganguly has invested in a food delivery startup named JustMyRoots. It is known to be India’s first perishable food delivery application. He has taken up a minority stake in the startup, and the amount remains undisclosed. Here are more details about the investment and the application.
Sourav Ganguly Invests In JustMyRoots
Sourav Ganguly is said to have paid an unknown sum for a minority stake in the food delivery startup JustMyRoots. Additionally, he and the startup have an endorsement agreement as well.
The company was established by Samiran Sengupta, Rajan Sachdeva, and Promita Sengupta in 2016 and offers intercity meal delivery. According to a report in the Economic Times, JustMyRoots is in talks with a number of investors about raising between ₹120 crore and ₹150 crore for expansion.
Samiran Sengupta, the startup’s co-founder, said that with the additional funding, it intends to develop its own packaging options and launch intra-city food delivery services to compete with Swiggy and Zomato.
Passion for Investing In New Firms
According to Sourav Ganguly, he himself loves to order food and consume it at home. Nowadays, the majority of individuals work long hours, so dining out is not always an option. He therefore made the choice to purchase a strategic share for personal investment.
He continued by saying that he has a passion for investing in new firms and that he presently owns stakes in four of them, one of which he recently cashed out.
With this, JustMyRoots’ investment from high-net-worth people increased to ₹31 crore. The startup reported INR 208 crore in revenue for 2022–2023 and expects to reach ₹350 crore in FY24.
The firm has implemented a hot chain supply solution to start fresh food delivery, which enables the startup to keep food hot for at least 4 to 5 hours, as well as a cold chain to preserve food for at least 72 hours. The startup’s subsidiary, Acaya, developed these solutions, and it has filed a patent application. The business also intends to make this technology available to other industries. (As per Inc42)
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Cover Image Courtesy: @sourav/Instagram