Is The State Plate out of business after Shark Tank India?

• Founder: Muskaan Sancheti and Raghav Jhawar
• Business: Delicacies
• Ask: ₹65 lakhs 2% Equity
• Valuation/Net worth: ₹32.5 Crores
• Funding: ₹40 Lakhs for 3% equity and ₹25 Lakhs Debt
• Sharks: Peyush Bansal
• Episode: Season 1 Episode 20

The State Plate Shark Tank India Pitch:

The State Plate, a startup founded by Muskaan Sancheti and Raghav Jhawar, embarked on a mission to deliver regional snacks and foods from various Indian states to customers’ doorsteps. With an initial capital of ₹5,000, they aimed to reconnect people with the distinct flavors of their hometowns. They presented their business on Shark Tank India during the first season’s 19th episode, seeking ₹65 lakhs in exchange for a 2% equity stake, valuing their company at ₹32.5 crores. Their website offers over 400 products from 8 different Indian states, and the company has delivered over 40,000 orders to date.

The State Plate achieved a revenue of ₹4.25 crores in the last 15 months since its inception. The average for the last few months is around ₹40 lakhs per month. They allocate 15% to marketing and are not yet profitable. Their gross margin is approximately 15%, with the cost of goods at 66%, including shipping charges, acquisition, and transaction charges. However, they boast over 50% margin in private label products, which began only a few months ago and accounted for 20% of sales last month.

During the first year, The State Plate was bootstrapped but raised an investment of ₹1.3 crores for a valuation of ₹13 crores in September 2021. The founders invested around ₹40 lakhs of their own money in the company. Their equity split is 40% each, with the remainder for the ESOP pool and investors.

The State Plate Shark Tank India Negotiations:

Namita liked the business but lacked expertise in the area, citing a high valuation, so she stepped away. Aman found the industry complicated and competitive, anticipating growth challenges, leading him to exit the deal. Ashneer, drawing from his Grofers experience, believed building a business in this category would be tough, and he also exited the deal. Anupam considered making an offer but wasn’t interested in the long-term vision, prompting his departure. Peyush offered ₹20 lakhs for 3% and the rest as a debt, eventually settling at ₹40 lakhs for 3%.

Who are the founders of The State Plate:

The founders of The State Plate are Muskaan Sancheti and Raghav Jhawar, both alumni of Shri Ram College of Commerce in Delhi, having graduated last year. Raghav is from Kolkata, and Muskaan is from Bangalore, both aged 22. Before this venture, they worked in management consulting jobs, and both graduated with a 98.5% score.

Did The State Plate and Peyush Bansal Shark Tank India Deal Close?

Our research in the company revealed that their Shark Tank Deal with Peyush Bansal never came to fruition. While the reasons for the deal falling through are unknown we looked into how is company doing now which you can read below.

How is The State Plate doing After Shark Tank India?

Despite the Shark Tank deal with Peyush Bansal not closing after the show aired, The State Plate continued to thrive. Economic Times shared that JustMyRoots, another startup, acquired The State Plate in an undisclosed amount, with the founders still running and expanding it under the JustMyRoots umbrella. As of November 2023, the company is still in business, with no major visible changes after the acquisition. They maintain a robust social media presence, boasting over 40 thousand Instagram followers. Additionally, they launched a mobile app for purchasing their products.

Interestingly, the Company collaborated with another season 1 Company Auli Lifestyle for a giveaway in 2023.

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Source: The State Plate Instagram

Here are other Companies from Season 1 Episode 20.