How JustMyRoots is Planning to Achieve Profitability by March 2024

India's food delivery market has expanded significantly in recent years as a result of increased urbanization, rising disposable incomes, and the growing popularity of online ordering. As more consumers choose contactless delivery methods, the COVID-19 pandemic has further spurred the growth of the food delivery industry. The online food delivery market in India was valued at Rs 410.97 billion in 2021, according to Research and Markets. The market is expected to reach Rs 1,845.76 billion by the end of 2027, expanding at a CAGR of 30 percent during the 2022-2027 forecast period. 

In India, the industry of food delivery has a promising future. The industry is anticipated to grow at a healthy rate as a result of the increased acceptance of digital technology and the rising popularity of online ordering. In addition, there is significant potential for growth in smaller cities and towns, where online food delivery is still in its early stages. In tandem with this, JustMyRoots is ready to further revolutionize this industry. JustMyRoots is a pioneer in intercity perishable food delivery. It has developed bio-degradable thermo-stable containers for cold and hot supply chains for food products.

Managing Supply Chain

Explaining the business model, Samiran Sengupta, CEO and Founder, JustMyRoots said that JustMyRoots has an app and a website where people place orders for products.  Once someone places an order, it buys that product and then sends it to the customers through its supply chain.

The brand is currently working with over 600 top brands with a premium portfolio consisting of more than 6,500 premium products. It also has a substantial delivery footprint, with coverage in over 30 cities across Metros, Tier I, and II cities in India. “This indicates that we have a well-established logistics network and the ability to efficiently and effectively transport products to customers in different regions of the country,” he stated.

“We have both in-house and contracted people to manage our supply chain. Generally, the first mile and the last mile are managed by our team while the middle mile is managed by third-party service providers,” he further added.

Options Galore

JustMyRoots ties up only with traditional eateries to deliver their dishes to the consumers’ doorstep like Kolkata’s Arsalan Biryani and Bangalore's Mysore Pak by Sri Krishna Sweets. Its portfolio varies from biryanis to sweets and dry cakes. While Amritsari specialties include mutton chaap, kulchas, malai lassi, and Karachi halwa, Mumbai is all about savory namkeens and mutton and chicken dishes. Delhi delights that can be indulged in include chole bhature, churma kachori, and butter chicken. Lastly, treats from Chennai include banana chips, mini pepper thattai, and biryani.

“India is a land of diverse and flavorsome cuisines. The myriad of regions, cultures, and traditions native to India has given rise to a multitude of dishes. We deliver the essence of culture, all packed in delicious food from all parts of India,” asserted Sengupta.

Embedding Tech

JustMyRoots’ entire business model is based on food packaging technology. On a normal day, the brand gets between 2,000 to 3,000 orders, and on special days, it gets up to 4,000 orders. It is now working on developing new hot packaging technology and has applied for a patent that should be approved by April. This new packaging is expected to increase its business's appeal and help generate more orders locally.

“Based on these developments, we anticipate that our business will get around 10,000 orders a day through intercity and international food deliveries. We believe that this new packaging technology will be a game changer, and will help us reach every nook and corner of the country,” he explained.

Path Forward

Last year, the brand garnered close to $7.5 million in revenue, and this fiscal it expects to do about $24 million.

Also, JustMyRoots has raised $5 million in funding from high-net-worth individuals (HNIs). Additionally, it is in the process of securing additional funding from global fund houses, potentially amounting to $15-18 million.

“Our goal is to achieve profitability by March 2024 and an initial public offering (IPO) in about three years,” noted Sengupta.

Besides, the brand plans to expand aggressively within the country. Other than inter-city, it may also look at the intra-city or within-city deliveries of hot food.