Zomato and Swiggy invest in UrbanPiper
On Monday, two of India’s leading food delivery platforms- Zomato and Swiggy announced that they have recently invested in a restaurant management company called UrbanPiper. UrbanPiper was founded in the year 2016 by Saurabh Gupta, Anirban Majumdar, and Manav Gupta. UrbanPiper interestingly claims to process 18% of all online food orders in the country. The company further claims that currently nearly two in ten online food orders in India are being processed by them. In its latest round of funding, UrbanPiper announced that it has raised $24 million. This fundraising round was led by existing investors Sequoia Capital India and Tiger Global. Zomato’s founder Pankaj Chaddah also participated in the round, along with Curefoods’ Ankit Nagori, Whatafix’s Khadim Batti, and Vara Kumar.
In January this year, the Food delivery platform Zomato announced its investment in UrbanPiper. According to the filings with the Stock Exchange of India, Zomato bought a 5% stake in UrbanPiper for $5 million (about ₹37 crores) in cash. The document stated that this funding was a part of a larger $24 million round. After this round of funding, the valuation of UrbanPiper reached $100 million. UrbanPiper enables restaurants to effectively manage their online food delivery operations It allows them to switch between multiple food-ordering and delivery apps like Zomato, Swiggy, and others via a single interface. UrbanPiper claims to be a middle layer between the restaurants and food delivery businesses.