The funding will further intensify the expansion of the AR-powered app in Delhi/NCR and mark its presence in 4 new cities within the next 6 months
PeAR, AR-based dining, and 3D-based food & beverage app recently announced to have raised funding from integrated incubator and accelerator Venture Catalysts. The company took part in Pre-Series A round funding led by Inflection Point Ventures, LetsVenture, and the Government of India.
"We have seen 100 per cent 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,” said Dharmin Vora, co-founder, peAR.
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 over 5 per cent taxes on every order placed via the app, allowing restaurants to pay only after receiving their business.
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 fivefold 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,” added Dr. Apoorva Ranjan Sharma, president, and co-founder, Venture Catalysts.
