The company took part in Pre-Series A round funding led by Inflection Point Ventures, Lets Venture, and the Government of India.
Venture Catalysts, India’s largest integrated incubator & accelerator, has announced its strategic investment in peAR, the unique AR dining, and 3D-based food & beverage app. The company took part in Pre-Series A round funding led by Inflection Point Ventures, Lets Venture, and the Government of India.
Bootstrapped in 2019, peAR was founded by a group of college students to change the way people view and order food inside a restaurant. This B2C, AR/VR-FoodTech based platform allows restaurants to onboard for free with no hidden charges involved in the process. The brand only charges 5%+ taxes on every order placed via the app, allowing restaurants to pay only after receiving their business.
Speaking at the consecutive investment, Dr. Apoorva Ranjan Sharma, President, and Co-founder, Venture Catalysts, said: “Most people believe that the Indian delivery market is huge because of the success of some homegrown startups. However, the dine-in market in India is 5X the delivery market. Indians spend over $100 billion every year while dining out, and surprisingly, there is no other company responding to this huge non-digitized sector than peAR. It intends to revolutionize how people order food at a restaurant by replacing paper-based menus with AR-powered digital menus. We, at Venture catalysts, believe in this novel idea and imagine a greater and prosperous association with this financing.”
Speaking at the funding round, Dharmin Vora, Co-Founder, peAR, said: “We have seen 100% Month-over-Month growth in the past 6 months, and we will continue to grow at a faster rate in the coming months as well. We have launched in Delhi/NCR and plan to expand to 4 new cities in the next 6 months, empowering users across India to experience 3D and augmented reality-based ordering. We have been lucky to have Venture Catalysts back us from the start to reach where we are today. They have not only helped us with financial aspects but also helped in building our business and team, thanks to the industry-rich experience and knowledge of their CXO members.”
peAR harnesses the power of 3D and AI to empower users to see food & beverages on the table before placing the order, allowing them to make an informed decision. It also grants users up to 50% off on ordering via the peAR app at partnered restaurants.
Source: Business World