Tiger Global has made another joint investment with Sequoia Capital in a software product firm. The duo announced to invest $7.5 million in restaurant focused SaaS company Urbanpiper.
Backed by Axilor and Zoho co-founder Kumar Vembu in early-stage, Urbanpiper will deploy the fresh proceeds to scale up its team and create a product suite for the international market.
For the unaware, the Bengaluru-based startup provides a dashboard to restaurants and helps them reducing costs and improving connectivity with diners and food delivery platforms. It works with the likes of Pizza Hut, McDonalds, OYO, Wow Momo, Eat.Fit, Haldirams, Chai Point, among others.
As a part of the expansion plan to South East Asia, Australia and West Asia, the four year-old-startup will treble its employees’ headcount to 200 by May next year, said a Mint report.
Founded by Saurabh Gupta and Anirban Majumdar, Urbanpiper is available at more than 7,500 restaurant locations across India and the Middle East, and over 150 restaurants use the platform to provide integration between their point-of-sale (PoS) systems and food delivery partners.
So far this year, Tiger and Sequoia have put in about $600 million across many deals in the Indian startups. The list comprises of Cred, Moglix, Razorpay, InterviewBit Academy, OkCredit, and most recently SaaS platform CleverTap.
Tiger Global, particularly, has been very bullish in the B2B segment and had placed over a dozen bets including Facilio, Fyle, Ninjacart, Moglix and Razorpay in 2019. The hedge fund also balanced its portfolio with about 10 investments in consumer-facing Internet companies.
In the past 12 months, Tiger Global had poured in $400 million-plus in about two dozen startups. The faith of the formidable investor in the Indian startup ecosystem is a very encouraging sign. It would be interesting to see who others get backing from Tiger this year.