peAR, an augmented-reality based in-restaurant ordering app on Thursday raises 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 utilised to scale the company's current suite of solutions across geographies and to address more restaurant challenges as well as building a suite of integrated restaurant-tech solutions.
PeAR was founded in 2019 by then-college students Dharmin Vora, Dhruvesh Mehta, and Parth Vora with the goal of developing AR-based digital assets for businesses across industries. Their vision is to change the way people view and order food inside a restaurant.
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. We have seen the adoption of peAR’s tech rising steadily and decided to back the company in this round also.”
Dharmin Vora, Founder, peARsays, “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 and 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
The dine-in market is 4 times larger than the delivery market in India. peAR is trying to address the dine-in market & help restaurants increase their bill value.