The State plate – Home delivery of local goods.4 months ago Nethrikaa Greeshma
The State Plate is a startup based in Bangalore, Karnataka, India that delivers hometown snacks, sweets & bakery, staples, spices, chutneys, pickles, and drinks at home. This platform directly delivers the products of its local area to its customers. The user gets all the snacks from his nearest area at a reasonable price. Muskaan Sancheti, Raghav Jhawar are the co-founders of State Plate who are originated from Bangalore and Kolkata respectively. This Vibrant entrepreneurs and alumni of Sree Ram College Delhi, Muskaan, and Raghav made their way into ‘The State Plate’, a regional snack and foods company with the main idea of popularizing the local foods
Muskaan and Raghav started their business as an e-commerce website where they brought famous food products from various parts of India and then identified the regional products which are top and iconic brands and listed them on their website. There are many regional products that are sold here. Their website has more than 400 products from 8 different states of India. They have delivered around 40k orders till now.
The company’s valuation is 32.5cr. In 15 months, they have done sales of 4.25cr. In the last 2 to 3 months, they have done sales of 40 lakhs at a marketing cost of 15%. The gross margin is 35% where15% is for shipping cost, 15% for marketing, and 4% for transaction and packaging respectively. Their last investment was 1.3 cr from antler India.
The 22 years old entrepreneur partners asked for ₹65 Lakhs for 2% equity in their company. However, the inspiring youngster co-founders received only one offer from Shark Tank for ₹ 40 Lakhs for 4% Equity and ₹ 25 Lakhs Debt from Peyush Bansal which was finalized. Let’s wish the talented duo best of luck for their further startups!