Led by Sequoia Capital India and Tiger Global, along with Zomato and Swiggy
UrbanPiper aims to use the funds to bolster its platform’s capabilities by scaling its product and engineering teams
The restaurant management platform, which is currently live in 27,000+ restaurant locations across eight countries, looks to expand to 200,000+ restaurant locations globally, in the next two years
UrbanPiper, a one-stop restaurant management platform, today announced that it has raised US $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 reputed angel investors also participated in the funding round including Pankaj Chaddah (Shyft), Ankit Nagori (Curefoods), Saahil Goel and Vishesh Khurana (Shiprocket), Khadim Bhatti and Vara Kumar (Whatfix), among others.
A B2B software platform, UrbanPiper aims to become a single window to help restaurants run their entire operations and bring a suite of digital offerings together to ensure all the commerce workflows for a restaurant can happen seamlessly in a simple and intuitive way. Owing to its scalability and reliability, UrbanPiper counts several marquee restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell, Rebel Foods, etc among its user base. It currently processes over 18 percent of all online food orders placed each month in India, and has achieved 10X growth over the past two years.
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 with minimal hassle. Currently, a restaurant signs up with an average of 6-10 different online channels/aggregators – making it challenging to manage multiple tablets/dashboards. Through UrbanPiper, restaurants can integrate all these aggregators onto a single dashboard and connect it with their points of sale resulting in a 70 percent decrease in order failure.
The company plans to 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 new-age restaurant management platform is already live in 27,000+ restaurant locations across eight countries, including India and the Middle East. It currently processes 14 million orders per month, which equates to approximately US $750 million of estimated order value annually. UrbanPiper plans to launch in more regions across India, MENA and EU with the aim of onboarding 200,000+ restaurant locations on the platform in the next two years.
“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,” said Saurabh Gupta, CEO, UrbanPiper. “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.”
“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,” said Sriharsha Majety, CEO, Swiggy.
“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. 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.” Shraeyansh Thakur, Principal, Sequoia India.
The company, which has 150+ employees in India, plans to increase its headcount in the country to 250+ in the next year.