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 range of investors including Swiggy and Zomato, the three companies said on 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 angels who have also invested in the new round.
The vast majority of restaurants that sell online tend to have businesses with multiple grocery delivery startups. This usually means that the employees of these restaurants have to manage management apps from multiple companies and meticulously track order flows and stocks of all services.
UrbanPiper operates a one-shop app that syncs inventory and trade flows with multiple services simultaneously.
“For many restaurants, it is not feasible for caterers to offer them the system, dashboard and detailed analysis of billing and invoicing. We can deliver. If we all come together, we can probably all do a better job and move the industry forward,” Saurabh Gupta, co-founder and CEO of UrbanPiper, told TechCrunch in an interview.
“These chains were too high in volume and couldn’t run multiple dashboards at this scale.”
The startup processes 14 million orders a month, up from 2 million in 2019 when it raised $7.5 million in Series A funding, he said. “We’ve also increased the number of restaurants we serve 10-fold,” he added.
“Often as a restaurant owner you want to change your prices, add other items, run special campaigns for new brands in certain locations, we offer all of these flexibilities,” he said.
UrbanPiper has also expanded to seven countries outside of India, including some in MENA and EU regions. With the rise of food delivery companies, restaurants around the world face similar challenges, he said.
“The restaurant ecosystem is evolving rapidly with changing consumer needs,” Shraeyansh Thakur, director at Sequoia India, said in a statement.
“Due to disruptions caused by the pandemic, retailers are now increasingly looking to use digital channels and improve their operations. UrbanPiper is at the forefront of this digital transformation and is strategically positioned to build an infrastructure that connects digital players with retailers in the F&B ecosystem. Sequoia Capital India is pleased to deepen the partnership with the UrbanPiper team as they continue to expand on their mission to empower restaurants worldwide and welcome Zomato and Swiggy to this partnership.”
The startup, which manages over 27,000 restaurant locations in eight countries, plans to use the fresh funds to roll out additional regions in India, MENA and the EU, and intends to onboard over 200,000 restaurant locations over the next two years, it said.
“UrbanPiper is one of our key partners, allowing us to work seamlessly with restaurants and scale faster through their point-of-sale solutions. The team caters to specific needs and have always found ways to fill gaps by creating a win-win situation for restaurants and Swiggy. We are excited by the market potential and look forward to expanding our partner network with their continued support,” said Sriharsha Majety, Swiggy’s chief executive, in a statement.
The investment in UrbanPiper is the latest strategic endorsement from Swiggy and Zomato. Swiggy, headquartered in Bengaluru, said so last week led a $180 million financing for bike and taxi aggregator Rapido. Zomato recently reached an agreement to take over the instant delivery company Blinkithas supported a number of other companies including Logistics startup Shiprocket, savings app Magicpin and fitness startup Curefit.
Swiggy and Zomato, food delivery rivals in India, back UrbanPiper in $24 million funding – TechCrunch Source link Swiggy and Zomato, food delivery rivals in India, back UrbanPiper in $24 million funding – TechCrunch