UrbanPiper Raises $24 Million In Series B Funding, Led By Sequoia Capital India And Tiger Global The fund will be utilised to bolster its platform capabilities, scale the products and broaden its offerings
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UrbanPiper, a one-stop restaurant management platform, has raised $24 million in Series B funding led by Sequoia Capital India and Tiger Global, along with Swiggy and Zomato. Some angel investors also participated in the funding including Pankaj Chaddah (co-founder, Shyft), Ankit Nagori (co-founder, Curefoods), Saahil Goel (CEO and co-founder, Shiprocket), Vishesh Khurana (co-founder, Shiprocket), Khadim Bhatti (CEO and co-founder, Whatfix) and Vara Kumar (co-founder, Whatfix), among others.
"The restaurant industry is growing at an exponential rate. With this investment, we will continue to widen our company's offerings to meet more digital opportunities in the restaurant ecosystem," said Saurabh Gupta, CEO, UrbanPiper.
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 business with minimal hassle. The new-age restaurant management platform is already live in more than 27,000 restaurant locations across eight countries, including India and the Middle East, the company claimed in a statement.
"Sequoia Capital India is excited to deepen the partnership with UrbanPiper as they are on their mission to empower restaurants globally," said Shraeyansh Thakur, principal, Sequoia India.
UrbanPiper plans to launch in more regions across India, with the aim of on-boarding more than 200,000 restaurant locations on the platform in the next two years, according to the statement given by the company.
The market value of the Indian restaurants and food service industry was about INR 4 lakh crore as of 2020. It is expected to register a CAGR of 10.51 per cent during the forecast period of 2022 to 2027.