India-based restaurant management platform UrbanPiper has announced it raised USD 24 million in a Series B funding round led by Sequoia Capital India and Tiger Global.
The platform processes around 18% of all online food orders in the country and was also backed by rivals Swiggy and Zomato. UrbanPiper operates as a one-shop app that syncs inventory and commerce flows with various services at once, ensuring a smooth process for billing and e-invoicing.
The startup was founded in 2019 and it currently processes around 14 million orders a month, seven times more than what it processed when it received the previous Series A funding of USD 7.5 million.
Following similar challenges that the restaurant ecosystem is facing due to the COVID-19 pandemic, UrbanPiper managed to expand its business in seven countries apart from India, including in MENA and EU regions.
The company manages over 27,000 restaurant locations in its portfolio and ill use part of the new funding to onboard some additional 20,000 restaurants until 2024. Its technology will help strengthen the existing infrastructure and connect digital players to merchants in the F&B ecosystem, by allowing the latter to use a single dashboard to manage orders from various restaurants through simple POS integration.
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