Bengaluru-based software-as-a-service platform UrbanPiper on Wednesday announced that it has raised $7.5 Mn in a Series A funding round. The investment has been led by New York-based hedge fund Tiger Global and venture capital firm, Sequoia India.
The company said it will use the funds to scale the team, the product suite as well as for international expansion. Prior to this round, the company has raised an undisclosed amount of funding from Axilor and Zoho cofounder, Kumar Vembu.
Founded in 2015 by Saurabh Gupta and Anirban Majumdar, UrbanPiper is a B2B SaaS platform for hyperlocal businesses to go online. The company’s core offering is to provide integrations between food delivery partners and restaurant point-of-sale systems.
UrbanPiper: Supporting Over 7500 Restaurants
The platform provides a mature dashboard to restaurants and brings automation to their online presence across different channels. It claims to help in reducing order cancellations and the manual effort required by restaurants to update their catalogue across various online platforms.
“UrbanPiper is a classic case of right product at the right time – and goes onto validate the fast growing demand for tech products in the domestic market,” said Ganapathy Venugopal, cofounder and CEO of Axilor Ventures.
UrbanPiper has clients which include Pizza Hut, McDonalds, Cafe Coffee Day, OYO, Wow Momo, Eat.Fit, Haldirams, Paradise Biryani and Chai Point. The UrbanPiper platform is live at over 7500 restaurant locations across India and the Middle East and has been adopted by more than 150 restaurant PoS partners to enable food delivery integrations for their customers.
“Earning the trust of merchants by consistently providing essential services through a high throughput, low latency, complex API layer has been the cornerstone of UrbanPiper’s offering,” said Anirban Majumdar, CTO and cofounder, UrbanPiper.
Expected to reach $1 Bn by 2020, the Indian SaaS and enterprise software market currently accounts for 9% of all software sales.
Tiger Global: Expanding Indian Portfolio
“UrbanPiper is helping restaurants reduce costs and improve connectivity with diners and food delivery platforms,” said Scott Shleifer, partner, Tiger Global Management.
Earlier in August, Tiger Global was reportedly expected to invest under $10 Mn in UrbanPiper. The fresh investment adds to Tiger Global’s burgeoning presence and portfolio in the Indian market.
The firm has led funding rounds in fintech startups Cred, neo-banking platform Open and wealth management and investment platform INDwealth. Besides the fintech sector, it has also made investments in hyperlocal services platform UrbanClap and Ola Electric, which has hit unicorn valuation in less than six months.