UrbanPiper, a restaurant management platform, has raised $24 million in Series B funding round led by Sequoia Capital India and Tiger Global, along with the participation of Swiggy and Zomato.
Other angel investors also participated in the funding round such as Pankaj Chaddah (Shyft), Ankit Nagori (Curefoods), Saahil Goel and Vishesh Khurana (Shiprocket), Khadim Bhatti and Vara Kumar (Whatfix), among others.
Helping restaurants scale business
Founded by Saurabh Gupta, Anirban Majumdar, and Manav Gupta in Bengaluru, UrbanPiper is building a full-stack restaurant management platform that helps restaurants operate and scale their businesses.
Through UrbanPiper, restaurants can integrate all food aggregator dashboards onto a single dashboard and connect it with their points of sale, which is said to result in a 70 percent decrease in order failure.
UrbanPiper has restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell, Rebel Foods, etc among its user base. It is said to be processing over 18 per cent of all online food orders placed each month in India, and has achieved 10X growth over the past two years.
The company will use the funds raised to scale its product and engineering teams, strengthen its platform capabilities, as well as broaden its offerings to enable more services to restaurants.
The platform is live in 27,000+ restaurant locations across eight countries, including India and the Middle East. UrbanPiper plans to launch in more regions across India, MENA and EU with the aim of onboarding 2,00,000+ restaurant locations on the platform in the next two years.
It currently processes 14 million orders per month, which equates to approximately $750 million of estimated order value annually. In the next year, the company also plans to increase its headcount in India to 250+ from the current 150+ employees.
‘A growing industry’
Saurabh Gupta, CEO, UrbanPiper, said, “The restaurant industry is growing at an exponential rate, offering us a huge opportunity to create value and shape the next generation of restaurant businesses. With this investment, we will continue to widen UrbanPiper’s offerings to meet many more digital opportunities in the restaurant ecosystem, along with bolstering our platform capabilities.”
Gupta added, ”We are grateful to see both Swiggy and Zomato come together and participate in this round; a huge validation that what we are building is adding a lot of value to the food ecosystem.”
Sriharsha Majety, CEO, Swiggy, said, “UrbanPiper is one of our key partners enabling us to seamlessly engage with restaurants and scale faster through their point-of-sale solutions. Addressing specific needs, the 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.”
Shraeyansh Thakur, Principal, Sequoia India, said, “The restaurant ecosystem is evolving rapidly with changing consumer needs. Due to pandemic-led disruptions, merchants now increasingly want to adopt digital channels and upgrade their operations. 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 ecosystem.
Thakur added, “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.”