Restaurant management platform UrbanPiper has raised $24 million in a funding round led by Tiger Global and Sequoia Capital India, according to a Monday (April 18) report from The Economic Times.
Per the report, UrbanPiper provides software to restaurants to help them manage operations, providing a suite of “digital offerings to manage the commerce workflows.”
This round also had the distinction of getting funding from both Zomato and Swiggy — the first time both have invested in a round. While both companies have held investment talks with several companies in the past, they hadn’t done one together before now.
With the new funding, UrbanPiper wants to scale its product and strengthen platform capabilities, per the report, along with adding its services for more restaurants. The report added that UrbanPiper is planning to roll out services in more locations in India and the Middle East and North Africa (MENA) region within the next few years.
Manav Grupta, one of the founders, said the goal was to add more digital opportunities for restaurants. The report said UrbanPiper has several big restaurants using its services, including McDonald’s, Pizza Hut, KFC, Subway, Taco Bell and others.
PYMNTS wrote that Zomato in January invested in UrbanPiper, along with ad tech firm Adonmo, as part of its strategy to dole out $1 billion to startups.
See also: Zomato Adds Minority Stakes in UrbanPiper, Adonmo Through NBFC
The non-banking financial company Zomato set up will reportedly let the company offer credit to its stakeholders, including customers, restaurants and delivery partners.
The company put $5 million into UrbanPiper as part of a $24 million fundraising round. That also netted Zomato a 19% stake in the company.
“Both UrbanPiper and Adonmo investments are synergistic to our core business and will help accelerate growth of these companies which will help in filling important gaps in the food ordering and delivery ecosystem in India,” Zomato said in a statement, per the report.
According to the company, 80% of restaurants use manual processes to process order deliveries, which can lead to delays and errors.
NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.