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July 1, 2021

India’s peAR secures new investment in funding round from IPV

This year, Inflection Point Ventures plans to invest $20.7m (Rs1.55bn) across 60 start-ups.

peAR Technologies, an in-restaurant ordering start-up in India, has raised $335,297 (Rs25m) in Pre-Series A1 funding round that was led by Inflection Point Ventures (IPV).

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Established in 2019 by Dharmin Vora, Dhruvesh Mehta and Parth, peAR allows customers seated in restaurants to check the menu online in 3D and place their order in a contactless manner.

Through its proprietary image to 3D model technology, the platform could make 3D models of the food at scale and convert paper menus into interactive menus.

The capital infusion will be used by the company to build 3D modelling for augmented reality (AR), as well as expand its presence to Indian cities including Mumbai, Bengaluru, Delhi NCR and Pune.

Additionally, the investment will be used to hire new team members, as the company has set a target to reach 15,000 orders a month by the end of the year.

peAR co-founder Dhruvesh Mehta said: “Every product, be it food, shoes or jewellery, users see it in 2D. We will be able to convert all products into 3D with a simple video shot on mobile. This will enable all sellers across the globe to showcase their product in 3D and AR.”

IPV plans to invest $20.7m (Rs1.55bn) across 60 start-ups this year.

IPV co-founder Mitesh Shah said: “Over the last few years, the food and beverage industry has turned towards digital initiatives in a limited capacity but no major digital transformation has been made.

“peAR founders are taking steps towards bringing digitisation to the restaurant business. The way the menu has been digitised for the customers shows peAR’s eye for innovation, so as to make the industry completely digital.”

Free Report
img

What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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