Restaurant management platform, UrbanPiper, announced that it has raised $24 million in Series B funding round led by existing investors Sequoia Capital India and Tiger Global, and food aggregator majors, Swiggy and Zomato. This is the first time both these food-delivery majors have invested together in a startup.
A slew of angel investors also participated in the funding round including – Zomato and Shyft cofounder, Pankaj Chaddah; Curefoods founder Ankit Nagori; Shiprocket founders Saahil Goel and Vishesh Khurana among others.
The company plans to use the newly raised funds to scale its product and engineering teams, strengthen its platform capabilities, as well as broaden its offerings to enable more services to restaurants.
Founded by Saurabh Gupta, Anirban Majumdar, and Manav Gupta in 2015, UrbanPiper is building a full-stack restaurant management platform that helps restaurants operate and scale their businesses with minimal hassle. Through its platform, restaurants can integrate all these aggregators onto a single dashboard and connect it with their points of sale, the company said.
“Addressing specific needs, the (UrbanPiper) team has always found ways to bridge gaps by creating a win-win for both restaurants and Swiggy. We are excited about the market potential and look forward to scaling our partner network with their continued support,” Sriharsha Majety, CEO of Swiggy, said.
The restaurant management platform is live in more than 27,000 locations across eight countries, including India and the Middle East. It processes about 14 million orders per month, equating to $750 million in order value per year.
Its customers include restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell, and Rebel Foods. It claims to be processing over 18 percent of all online food orders placed each month in India.
“UrbanPiper is at the forefront of this digital transformation and is strategically positioned to build infrastructure connecting digital players to merchants in the F&B (Food and Beverage) ecosystem. Sequoia Capital India is excited to deepen the partnership with the UrbanPiper team as they build further on their mission to empower restaurants globally, and welcome Zomato and Swiggy to this partnership,” said Shraeyansh Thakur, Principal, Sequoia India.
Going forward, the startup plans to strengthen its footprint by launching in more regions across India, the Middle East/ North Africa (MENA), and the European Union (EU) with an aim to onboard over 200,000 restaurant locations onto the platform in the next two years. The company also plans to increase its headcount from existing 150 employees in India to over 250 employees in the next year.