Zomato, Swiggy Both Invest Rs 180 Crore In This Tech Startup! Find Out Why?
In what appears to be the first time rival food aggregators Zomato and Swiggy have come together to participate in a funding round of an Indian startup, the two platforms have done this as new investors in the funding round of the restaurant management platform UrbanPiper.
The company has raised $24 million in a Series B funding round, led by its existing investors Tiger Global and Sequoia Capital India, along with new investors Swiggy and Zomato, more on it further in the article.
Zomato & Swiggy Invest in UrbanPiper’s Funding
The software-based restaurant management platform UrbanPiper raised $24 million in its Series B funding round on Monday, led by Sequoia Capital India and Tiger Global, the company’s existing investors were joined by new investors Swiggy and Zomato.
Other angel investors participating in the funding round included Pankaj Chaddah, Saahil Goel, Vishesh Khurana, Ankit Nagori, and Vara Kumar.
The recently listed food aggregator Zomato announced in January this year, of investing $5 million in UrbanPiper for a 19% stake in the company, as part of the $24 million funding round, stated news agencies in the matter.
While Zomato recently has invested heavily in a slew of companies including BlinkIt, Magicpin, Curefit, UrbanPiper, Adonmo and Mukunda Foods, its competitor Swiggy has undergone a funding round of $180 million in the bike taxi platform Rapido.
More on Functions and Roles of UrbanPiper
The Bengaluru-based restaurant management company UrbanPiper is building a full-stack restaurant management platform that helps restaurants operate and scale their businesses with minimal hassle. It helps restaurants to integrate and manage multiple delivery platforms in a single dashboard and provides an API to connect with existing POS, stated a report.
It claims to process 14 million orders in a month at more than 23,000 restaurant locations across the country.
Launched in 2016, some ace restaurant chains like McDonald’s, Pizza Hut, KFC, Subway, and Taco Bell, among others, are a part of UrbanPiper’s customer base.