Udaan, a business-to-business e-commerce startup, has invested around Rs 14 crore ($1.94 million at current exchange rates) in restaurant management platform PetPooja.
Bengaluru-based Udaan invested Rs 13.79 crore by subscribing to Series A compulsorily convertible preference shares and Rs 20.69 lakh via equity shares of Ahmedabad-based PetPooja in December, regulatory filings show.
Udaan, operated by Hiveloop Technology Pvt. Ltd, invested the money through its parent Trustroot Payments Pte. Ltd.
VCCircle has reached out to PetPooja on the details of the investment and will update this report accordingly.
PetPooja, operated by Prayosha Food Services Pvt. Ltd, was founded in 2011 by Apurv Patel. It originally began operations as a food delivery service for companies before pivoting to its current model of restaurant management services. These offerings include billing, operations management and a self-ordering application.
According to its website, PetPooja’s platform provides a range of suites that work with existing services. It has partnered with food delivery services such as Zomato, Swiggy and Dunzo. Some of its clients include craft beer brand Doolally, burger-based restaurant chain Jimis Burger, Rooftop Café, and quick-service restaurant The Quick Wok.
The company was co-founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar and Vaibhav Gupta. It connects traders, wholesalers, retailers and manufacturers on a single platform, helping them discover customers, suppliers and products across categories and connect directly with each other for the best deal.
In October last year, reports said that the company raised $585 million (about Rs 4,166 crore) in Series D funding from a clutch of high-profile investors including Chinese conglomerate Tencent, Altimeter Capital, Footpath Ventures and Hillhouse Capital.
The round valued Udaan between $2.5 billion and $3 billion. The company’s valuation had crossed $1 billion in 2018, when it raised $225 million (around Rs 1,593 crore) in its Series C round from DST Global and Lightspeed.