Avataar.Me Raises $7 Million From Sequoia India

Me, a 3D and Augmented Reality software that helps enterprise customers create immersive shopping experiences for end-users, has raised $7 million from Sequoia Capital India. Avataar brings spatial depth to the onscreen buying experience – delivering life-like photo-realism, mobile responsiveness, interactivity and personalization, it said. “AR/VR has shown strong emotional connect with GenZ and younger millennial consumers, a segment that brands have struggled to engage with in recent years and a segment that has far more spending power today than they did five years ago,” said Sravanth Aluru, CEO of Avataar. “In 2019, more than 300 million users were actively using AR. Spends on AR tools for creating social engagement for brands along with ‘try-before-you-buy’ experiences is expected to grow 10X by 2023. Undoubtedly, the time for AR/VR is now, with ecommerce being one of the broadest applications,” said Shailesh Lakhani, managing director, Sequoia Capital India. With physical footfalls muted by the Covid-19 outbreak, Avataar has seen higher demand, driven by digital and physical commerce industries investing more in digital and contact-less consumer purchase experiences.