The funds raised in the pre-series-A round will be utilised to scale the company’s current suite of solutions across geographies and to address more restaurant challenges
Mumbai: Augmented-reality-based in-restaurant ordering app, peAR has raised Rs 4.2 crore in a pre-series A led by 1crowd and Chennai Angels and co-led by Inflection Point Ventures (IPV). The funds raised will be utilized to scale the company’s current suite of solutions across geographies and to address more restaurant challenges as well as build a suite of integrated restaurant-tech solutions.
peAR uses Augmented Reality to help consumers visualise a dish before ordering in a restaurant.
“Many customers are often left surprised at the food they order because a standard menu can’t show the quantity, plating, and overall look and feel of the dish. peAR has understood this gap well and using their tech, they are addressing both the front end and the back end making their app more useful for restaurant owners. 3D image projection helps customers understand their order better before placing it and it also helps restaurants gather a deep understanding of their customers’ profile and their preferences,” said Mitesh Shah, co-founder, IPV.
Commenting on the association, Dharmin Vora, founder, peAR adds, “Our association with IPV has been wonderful from the beginning. India has over 30 lakh restaurants and the dine-in market is over $40Bn. It is expected to touch $60 billion in the next five years. The dine-in market is four times larger than the delivery market in India. peAR is trying to address the dine-in market and help restaurants increase their bill value, repeats, manage operations smoother and save time with their full-stack ecosystem.”
PeAR was founded in 2019 by Dharmin Vora, Dhruvesh Mehta, and Parth Vora with the goal of developing AR-based digital assets for businesses across industries. peAR currently processes over 35,000 orders a month across more than 800 restaurants, doing over Rs 17 crore annualized gross transaction value (GTV) on their ordering platform. It is also launching its full-stack ecosystem solution with loyalty, payment integrations, hardware integrations and end-to-end suite to manage a restaurant.
IPV is an angel investing platform that brings together 7400 executives, high net-worth individuals, and professionals to invest in startups. The firm supports new-age entrepreneurs by providing them with monetary and experiential capital and connecting them with a diverse group of investors. IPV has announced the launch of a $50 million CAT 2 AIF Physis Capital to invest in pre-series A to series B growth-stage start-ups.
