peAR app, an AR-based in-restaurant ordering application, has raised INR 2.5 crore in a Pre-Series A round led by Inflection Point Ventures.
peAR app will use the investment to build 3D Modelling technology for AR to advance the B2C app. The firm will launch in four cities across India, covering Bangalore, Mumbai, Pune, and Delhi. They are also hiring across roles to expand their team of experts. peAR plans to reach around 15,000 orders monthly by the end of 2021.
“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 the overall experience when outside dining becomes a norm soon. peAR’s application of augmented reality is truly a pioneering concept that hasn’t been attempted before. Investment in peAR is aligned to IPV’s philosophy of backing unique businesses with great entrepreneurs.” – Mitesh Shah, Co-founder, IPV.
peAR helps restaurants to go digital. The app allows restaurants to make smart menus, helping them increase their profits by up to 20%.
In the last two quarters, the startup has grown fiftyfold and has increased its operations from 50 to 250 restaurants in India, and it is on track to onboard 1000+ restaurants by the end of 2021. The startup received around 5000 orders monthly with an annualized GMV of $250,000 in March 2021 and expanded its repository of 3D models five times in the last six months.
“We have seen 100% month-over-month growth in the past six 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 to experience 3D and augmented reality-based ordering.” – Dharmin Vora, Co-founder, peAR.
peAR has created the technology and method to produce a 3D model in under 40 minutes. It puts peAR at the cusp of a novel intersection, and the AR app is poised to benefit from the growing market.
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