Restaurant management platform UrbanPiper has raised $24 million in Series B funding led by existing investors Sequoia Capital India and Tiger Global, and new investors Swiggy and Zomato.
A slew of angel inventors including Pankaj Chaddah, Ankit Nagori, Saahil Goel, Vishesh Khurana, Khadim Bhatti and Vara Kumar also participated in the round.
In January, Zomato announced that it will invest $5 million in UrbanPiper as part of a larger round for a 19% stake. The company did not divulge further details of the transaction.
UrbanPiper will use funds to bolster the platform’s capabilities by scaling its product and engineering teams, said the company in a statement. The platform is currently live in more than 27,000 restaurant locations across eight countries and looks to expand to over 200,000 restaurant locations across India, MENA and EU regions.
Founded by Saurabh Gupta, Anirban Majumdar, and Manav Gupta, UrbanPiper is building a full-stack restaurant management platform that helps restaurants operate and scale their businesses with minimal hassle. It helps restaurants to integrate and manage multiple delivery platforms in a single dashboard and provides an API to connect with existing POS.
UrbanPiper said that restaurants can integrate all these aggregators onto a single dashboard and connect it with their points of sale resulting in a 70% decrease in order failure. The company further claims to receive 14 million orders per month and processes over 18% of all online food orders placed each month in India and has achieved 10X growth over the past two years.
UrbanPiper counts several marquee restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell and Rebel Foods among its user base.
For the fiscal year ending on March 31, 2021, UrbanPiper saw its revenue from operations declining 10% to Rs 4.34 crore in FY21 from Rs 4.83 crore in FY20. According to the company’s regulatory filings, it recorded 15.82 crore as a net loss in FY21 which stood at Rs 6.22 crore in FY20.
This is probably the first time when both Swiggy and Zomato came together and participated in a funding round in any Indian startup. Since its listing on stock exchanges in July last year, Zomato has invested in over half a dozen companies including Mukunda Foods, BlinkIt, Shiprocket, Magicpin, Curefit, UrbanPiper and Adonmo. Swiggy, on the other side, had led a $180 million round in bike taxi platform Rapido. It was the largest round by Swiggy in any Indian startup. In foodtech business, Swiggy had previously backed ready-to-cook food brand Fingerlix.