Founded by Muskaan Sancheti and Raghav Jhawar, the firm State Plate set out to provide ethnic snacks and cuisine from different Indian states right at consumers’ front lines. Aiming to reawaken people with the unique tastes of their hometowns, their initial capital was ₹5,000. Seeking ₹65 lakhs in exchange for a 2% equity stake, they presented their company on Shark Tank India on the 19th episode of the first season, valuing their business at ₹32.5 crores. From eight different Indian states, their website lists more than 400 products; thus, the company has already processed over 40,000 orders.
In the past fifteen months since its launch, the State Plate brought in ₹4.25 crores. For the past few months, the average is almost ₹40 lakhs every month. They are not now profitable and allocate 15% to marketing. Their gross margin is about 15%, and their 66% cost of goods includes transaction, acquisition, and shipping expenditures. On private label products, nevertheless, they have over 50% profit; these started only a few months ago and accounted for 20% of sales last month.
The State Plate was bootstrapped but committed ₹1.3 crores for a worth of ₹13 crores in September 2021 within the first year. About ₹40 lakhs of their personal money were put into the company by the founders. Each of their equity splits is forty percent; the rest goes to the ESOP pool and investors.
Company Name: The State Plate
Founder: Muskaan Sancheti and Raghav Jhawar
Product: Delicacies
Highlights
1. Offering over 400 real regional culinary goods including snacks, sweets, pickles, spices, and beverages from several Indian states, Diverse Product Range
2. Authenticity and Quality: Work with nearby vendors and artists to make sure the goods maintain their natural tastes and maximum quality.
3. Nationwide Distribution guarantees fresh and real regional goods right at consumers’ door by means of pan-India shipment, so offering a flawless e-commerce experience.
4. For unbranded regional items, they maintain quality control and standardizing by using their in-house brand, “The State Plate.”
5. Cultural Connection: Encouragement of people to rediscover the nostalgic tastes of their hometowns facilitates the access to regional specialties.
6. Excellent Market Traction: In just 15 months, they satisfied over 40,000 orders and got good comments from almost 100,000 consumers.
7. Scalability and Growth: Designed to incorporate more regional delicacies, successfully enlarged to showcase products from more than eight states.
8. After their Shark Tank India proposal, recognition and investor backing became rather visible and helpful for them to scale their activities.
Pitch Details
Ask: ₹65 lakhs for 2% equity (Valuation: ₹10 crores).
Deal: After negotiation Ashneer Grover, Aman Gupta, Namita Thapar and Peyush Bansal, finished the deal at₹40 Lakhs for 3%equity and ₹25 Lakhs Debt
Investors: The investment came from Ashneer Grover, Aman Gupta, Namita Thapar and Peyush Bansal.
Conclusion:
“The State Plate” closes the gap between regional food artists and consumers looking for real local tastes, therefore effectively addressing a special market need. Their involvement on Shark Tank India raised their profile, so helping them to reach a larger audience in addition to offering financial support. “The State Plate” has positioned itself as a go-to venue for individuals seeking for a flavour of home, wherever they are in the nation by stressing quality, authenticity, and customer satisfaction.
