– The peAR app is an in-restaurant ordering platform that is based on augmented reality technology.
– The funds acquired from the recent funding round will be used to expand the company’s current suite of solutions to new geographic locations and to tackle additional challenges faced by restaurants.
– As part of the Zone Startups 1st Pre-Accelerator program, ZSI Booster, peAR was one of only seven startups that received incubation.
– Inflection Point Ventures (IPV) has invested over INR 550 Cr in more than 170 deals to date.
March 16th, 2023, Mumbai: peAR, a pioneering Asia-Pacific startup that has created an augmented-reality-based app for in-restaurant ordering, has recently secured Rs 4.2 crore in a pre-Series A funding round. The round was led by 1crowd and Chennai Angels, with co-leadership from Inflection Point Ventures (IPV). The funding will be used to expand the company’s existing suite of solutions across various locations, as well as to address more challenges faced by restaurants. Additionally, the funds will be used to develop a suite of integrated restaurant-tech solutions.
Founded in 2019 by Dharmin Vora, Dhruvesh Mehta, and Parth Vora, who were college students at the time, peAR aims to create augmented reality-based digital assets for businesses across various industries. Their vision is to transform the way people perceive and order food in restaurants. By leveraging augmented reality technology, PeAR enables customers to visualize the dish before placing an order, ensuring a delightful experience at the restaurant. Their proprietary technology allows them to convert static paper menus into interactive 3D menus, which has enabled restaurants to upsell as orders can also be placed digitally. As a result, restaurants can now access valuable data that was previously unavailable for dine-in customers. PeAR has evolved into creating a comprehensive integrated ecosystem for more than 30 million restaurants in India and emerging markets, akin to Toast in the United States.
Mitesh Shah, Co-Founder, IPV says, “Post covid, the Horeca sector has been adopting tech on the front end to further refine the dining experience of the customers. From QR-coded menus to digital payments integration is now a norm across restaurants. However, the first POC is when shortlisting the order. 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. We have seen the adoption of peAR’s tech rising steadily and decided to back the company in this round also.”
Dharmin Vora, Founder, peAR says, “Our association with IPV has been wonderful from the beginning. They have backed us time and again & this just shows their approach to back their start-ups. Their guidance & CXO members helps us create a wide pool of people whom we can connect with and learn from. They have also done a fantastic job on keeping the members active & involved in every manner. Their immense support & efforts stands out amongst all investors.
In India, there are more than 30 lakh restaurants, and the dine-in market is worth over $40 billion. This market is expected to reach $60 billion within the next five years, and it is four times larger than the delivery market in India. peAR aims to cater to the dine-in market and assist restaurants in enhancing their bill value, increasing customer retention, improving operational efficiency, and saving time with its full-stack ecosystem.
At present, peAR processes over 35,000 orders each month through its ordering platform, with the support of over 800 restaurant partners. The platform has an annualized Gross Transaction Value (GTV) of over Rs 17 crore. With a team of 45 members, peAR is developing cutting-edge AR-based solutions for Indian restaurants to drive their business growth and streamline operations. Moreover, they are working on an integrated suite of solutions that will not only make restaurant operations smoother but will also help restaurants boost their bottom line. They plan to launch their full-stack ecosystem, complete with loyalty and payment integrations, hardware integrations, and end-to-end restaurant management capabilities.