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peAR, one of the first startups in Asia-Pacific has raised Rs 2.5 crore in a Pre-Series A round led by Inflection Point Ventures. The funds raised will be used to develop 3D modeling technology for augmented reality, allowing the B2C app to progress.
In addition, the startup will launch in four cities: Mumbai, Bangalore, Delhi/NCR, and Pune. Moreover, in order to strengthen the team, the startup is also hiring across roles.
With the funds raised, peAR hopes to reach 15,000 monthly orders by the end of the year.
The startup assists restaurants in going digital. The restaurant industry has been severely impacted as a result of the pandemic. peAR assists restaurants in creating smart menus, allowing them to increase profits by up to 20%.
Speaking on the development, Mitesh Shah, Co-Founder, IPV said:
“The F&B industry hasn’t seen much of digital transformation beyond cosmetic changes. However, that has changed with the emergence of food tech companies who have brought lakhs of restaurants online and expanded their market and catchment area. While this is one side of leveraging technology, which is helping the industry to grow their business, at the core level, restaurants as standalone entities have to embrace digital transformation right from how they present their menus or serving their patrons."
"It goes to overall experience when outside dining becomes a norm soon. peAR’s application augmented reality is truly a pioneering concept which hasn’t been attempted before. Investment in peAR is aligned to IPV’s philosophy of backing unique businesses with great entrepreneurs.”
PeAR has grown 50X in the last two quarters and expanded its operations from 50 to 250 restaurants. In addition, by the end of this year, the startup expects to have onboarded 1000+ restaurants. With over 400 restaurants in Mumbai as partners, its user base increased 9X during this time, with a 4.7-star rating on Google PlayStore.
Under Hunger Fighter's initiative, peAR also donates one meal to an underprivileged individual for every 100 orders processed through the app.
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 are also planning to launch in few new cities as we want users across India experience 3D and augmented reality-based ordering. We have been lucky to have IPV back us from the start to reach where we are today. They have not only helped us with financial aspects but also helped us in building business and team because of the diverse & rich experience and knowledge their CXO members have in all the industries.”
The F&B delivery market in India is worth $10 billion, but the dining-in market is worth $50 billion, with the latter growing at a CAGR of 9%. The foundation of any AR company is 3D models, and while the global AR market is growing at a rate of 26.7 percent per year and is expected to reach $828 billion in market capitalization by 2025, peAR has developed a process and technology to create a 3D model in under 40 minutes.
The vision of peAR, which was founded in 2019 by then-college students Dharmin Vora, Dhruvesh Mehta, and Parth, is to change the way people view and order food inside a restaurant. peAR assists users in visualizing the dish before ordering, ensuring that customers have a pleasant dining experience.
Also Read:
- AI startup ORAI raises Rs 3.6 crore from Inflection Point Ventures
- FMCG-focused Dropshop raises Rs 9.3 crore led by Inflection Point Ventures
- Glamplus raises Rs 2 crore led by Inflection Point Ventures
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