UrbanPiper, a restaurant management platform that processes 18% of all online food orders in India, has raised $24 million in a new round of funding from a number of investors, including Swiggy and Zomato, the three companies said Monday.
The six-year-old startup’s Series B funding was led by existing investors Sequoia Capital India and Tiger Global. Pankaj Chaddah, a founder of Zomato, Ankit Nagori of Curefoods and Khadim Bhatti and Vara Kumar are among some of the angels who have also invested in the new round.
The vast majority of restaurants that sell online tend to retain businesses with multiple food delivery startups. This usually means that the staff of those restaurants must manage management apps from multiple companies and closely monitor the order flows and inventory of all services.
UrbanPiper has a single store app that syncs inventory and trade flows across multiple services at once.
“For many restaurants, it is not feasible for food delivery companies to provide them with the system, dashboard and detailed billing and billing analysis. We can respond to that. If we all come together, we can probably all do a better job and move the industry forward,” Saurabh Gupta, co-founder and chief executive of UrbanPiper, said in an interview with .
“These chains had too much volume and at that scale they couldn’t serve multiple dashboards.”
The startup processes 14 million orders per month, up from 2 million it processed in 2019, when it raised $7.5 million in Series A funding, he said. “We have also increased the number of restaurants we serve by 10 times,” he added.
“As a restaurant owner, you often want to change your prices, add different items, run special campaigns for new brands in certain locations, we offer all these flexibilities,” he said.
UrbanPiper has also expanded to seven countries outside of India, including some in MENA and EU regions. With the proliferation of food delivery companies, restaurants around the world are facing similar challenges, he said.
“The restaurant ecosystem is evolving rapidly with changing consumer needs,” said Shraeyansh Thakur, Principal at Sequoia India, in a statement.
“Due to pandemic-induced disruption, traders are now increasingly looking to use digital channels and upgrade their operations. UrbanPiper is at the forefront of this digital transformation and is strategically positioned to build an infrastructure that connects digital players with merchants in the F&B ecosystem. Sequoia Capital India is delighted to deepen its partnership with the UrbanPiper team as they build on their mission to empower restaurants worldwide and welcome Zomato and Swiggy to this partnership.”
The startup, which operates more than 27,000 restaurant locations in eight countries, plans to use the new funds to launch in more regions in India, MENA and the EU and aims to open more than 200,000 restaurant locations in the next two years. to have on board.
“UrbanPiper is one of our key partners, enabling us to work seamlessly with restaurants and scale faster through their point-of-sale solutions. By meeting specific needs, the team has always found ways to bridge gaps by creating a win-win situation for both restaurants and Swiggy. We are excited about the market potential and look forward to scaling our partner network with their continued support,” said Sriharsha Majety, chief executive of Swiggy, in a statement.
The investment in UrbanPiper is the latest strategic support from Swiggy and Zomato. Swiggy, headquartered in Bengaluru, said last week it was leading a $180 million funding in bike and taxi aggregator Rapido. Zomato, which recently reached an agreement to acquire Blinkit, has backed a number of other companies, including logistics startup Shiprocket, savings app Magicpin and fitness startup Curefit.