Venture Catalysts, leading integrated incubator & accelerator, has announced its strategic investment in peAR, an AR dining, and 3D-based food & beverage app. The company took part in Pre-Series A round funding led by Inflection Point Ventures, Lets Venture, and the Government of India.
Dr. Apoorva Ranjan Sharma, President, and Co-founder, Venture Catalysts, said: “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 5X 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.”
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 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.”