Zomato andSwiggy announced Monday morning its latest investment in a restaurant management company calledUrbanPiper .- UrbanPiper raised $24 million in its latest seed round led by existing investors Sequoia Capital India and Tiger Global.
- UrbanPiper helps restaurants manage their food delivery operations online, allowing them to juggle multiple food ordering apps.
India’s biggest food delivery companies, Zomato and Swiggy, announced their latest investment in a restaurant management company called UrbanPiper on Monday morning.
UrbanPiper – founded by Saurabh Gupta, Anirban Majumdar and Manav Gupta in 2016 – claims to process 18% of all online food orders in India. Nearly two in ten online food orders in India are currently handled by UrbanPiper, the company claims.
The company raised $24 million in its latest funding round led by existing investors Sequoia Capital India and Tiger Global. Zomato founder Pankaj Chaddah, who left Zomato in 2018, also took part in the round, along with Curefoods’ Ankit Nagori, Whatafix’s Khadim Batti and Vara Kumar.
Zomato invested in UrbanPiper in January
Zomato had announced its investment in UrbanPiper earlier in January this year. According to documents filed with the Stock Exchange of India, Zomato acquired a 5% stake in UrbanPiper for $5 million (about ₹37 crore) in cash. This funding was part of a larger $24 million round, the document said.
A simple math on the back of the envelope reveals that UrbanPiper was valued at $100 million in this round.
What does UrbanPiper do?
UrbanPiper helps restaurants manage their food delivery operations online, allowing them to juggle multiple food ordering and delivery players like Zomato, Swiggy and others through a single interface. The company claims to be a middle layer between restaurants and food aggregators.
The company recorded a revenue of ₹6.34 crore in the financial year 2021. It is currently processing more than 14 million orders per month, which equates to approximately $750 million in order value estimated by year.
The five-year-old company works with renowned restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell and Rebel Foods. Currently, it is live in over 27,000 restaurants in eight countries, including India and the Middle East. The company now aims to onboard 200,000 restaurants in more regions across India, the Middle East and North Africa (MENA), and the European Union (EU) over the next two years.
UrbanPipper counts Axilor Ventures and GoGrugal’s Kumar Vembu among its investors.
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