Zomato and Swiggy invest in this restaurant management company that fulfils 2 in 10 food deliveries in India
Zomatoand Swiggyon Monday morning announced their latest investment in a restaurant management company called UrbanPiper.
- UrbanPiper has raised $24 million in its latest round led by existing investors Sequoia Capital India and Tiger Global.
- UrbanPiper helps restaurants manage their online food delivery operations, allowing them to juggle between multiple food-ordering apps.
AdvertisementIndia’s biggest food delivery businesses Zomato and Swiggy on Monday morning announced their latest investment in a restaurant management company called UrbanPiper.
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 being processed by UrbanPiper, the company claims.
The company has raised $24 million in its latest round led by existing investors Sequoia Capital India and Tiger Global. Zomato’s founder Pankaj Chaddah, who left Zomato in 2018, also participated in the round, along with Curefoods’ Ankit Nagori, Whatafix’s Khadim Batti and Vara Kumar.
Zomato invested in UrbanPiper back in January
Zomato had announced its investment in UrbanPiper earlier in January this year. According to the filings with the Stock Exchange of India, Zomato acquired a 5% stake in UrbanPiper for $5 million (about ₹37 crore) in cash. This funding was a part of a larger $24 million round, the document read.
A simple back of envelope calculation reveals that UrbanPiper has been valued at $100 million in this round.
What does UrbanPiper do?
UrbanPiper helps restaurants manage their online food delivery operations, allowing them to juggle between multiple food-ordering and delivery players like Zomato, Swiggy and others through a single interface. The company claims to be a middle layer between the restaurants and food aggregator businesses.
The company recorded a turnover of ₹6,34 crore in the fiscal year 2021. It currently processes over 14 million orders a month, which equates to approximately $750 million of estimated order value annually.
The five-year-old company works with marquee restaurant chains such as McDonald’s, Pizza Hut, KFC, Subway, Cure Foods, Taco Bell, and Rebel Foods. Currently, it’s live in 27,000+ restaurant locations across eight countries, including India and the Middle East. The company now aims to onboard 200,000 restaurant locations in more regions across India, the Middle East and North Africa (MENA) and European Union (EU) in the next two years.
UrbanPipper counts Axilor Ventures and GoGrugal’s Kumar Vembu as its investors too.
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