Tiger Global, Sequoia invest $7.5 mn in SaaS startup UrbanPiper
UrbanPiper Technology, a SaaS (software-as-a-service) startup that enables restaurants to manage online orders, raised $7.5 million in a Series A funding round led by Tiger Global Management and Sequoia Capital India.
The Bengaluru-based startup last raised capital in September last year when existing investor Axilor Ventures and Zoho co-founder Kumar Vembu invested an undisclosed sum in its seed round.
The startup plans to use the capital raised in the current round to hire more people, improve its product and expand its presence in overseas markets, said a statement.
“We have been powering some of the most reputed restaurant brands in India and have matured our product suite over the period of last few years. We are ready to scale our offering to help millions of restaurant partners across the globe,” CEO and co-founder Saurabh Gupta said.
UrbanPiper, which currently employs more than 75 people, was founded in 2015 by Saurabh Gupta and Anirban Majumdar. It claims a customer base of over 7,500 restaurants in India and the Middle East and counts restaurants chains such as Pizza Hut, McDonalds, Cafe Coffee Day, Paradise Biryani and Chai Point among its customers.
The platform provides an automated dashboard to restaurants and helps them to reduce order cancellations and the manual effort required to update their catalogues across various online platforms.
For New York-headquartered alternative investments firm Tiger Global, the UrbanPiper investment is the latest in a slew of bets that the firm has been making lately in enterprise technology startups in India.
Last month, the firm joined Lightspeed Venture Partners to lead a Series B round in accounting platform OKCredit.