GeoIQ, an AI Startup Is Set to Be Acquired by Lenskart

GeoIQ, an AI startup, is in talks to be acquired by renowned eyewear brand Lenskart, which has been its investor in the funding round of 2022. Based on this latest startup news, the startup is expected to be in loss which is a major reason for its acquisition by Lenskart.

Summary:

1. The acquisition comes as Lenskart plans for its first public offering (IPO) to raise $1 billion at a $10 billion value.

2. The startup, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, uses exclusive algorithms to combine government data with other credible public sources and satellite imagery to create 100m x 100m geographic grids.

3. GeoIQ focuses on providing businesses with actionable consumer insights to capitalize on offline demand and expand faster.

Now let’s dive in detail to know the reason behind this latest startup news of the acquisition of GeoIQ.

“The agreement is close to completion, with Lenskart set to acquire a majority stake in GeoIQ,” said a source familiar with the acquisition. “Most of the existing investors are expected to exit as part of the deal.”

Lenskart, which had previously invested in GeoIQ, led a $2.25 million investment round in May 2022, along with 9Unicorns (now 100Unicorns) and Ecosystem Ventures. In November 2020, the firm raised Rs 2.5 crore from investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture, among others.

GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, uses exclusive algorithms to combine government data with other credible public sources and satellite imagery to create 100m x 100m geographic grids.

The AI firm focuses on giving businesses actionable consumer insights to help them capitalize on offline demand and expand faster. It already collaborates with well-known businesses such as Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit.

Also Read: Plush Secured 40 Crore in Startup Funding

According to startup data intelligence platform TheKredible, GeoIQ has a current worth of over Rs 90 crore (more than $10 million). Lenskart is the company’s largest stakeholder, with 17.11%, followed by the three co-founders, who each own 16.57%.

In FY23, GeoIQ claimed functional revenue of Rs 7.1 crore; for the fiscal year ending in March 2024, it recorded Rs 6.7 crore. Its net loss increased to Rs 6.1 crore, up from Rs 4.2 crore the previous year.

This is Lenskart’s second acquisition in the past two years. In October 2023, the Peyush Bansal-led company purchased TangoEye, an AI-driven computer vision startup in which it had already invested. In June 2022, it acquired a majority share in Japan’s OwnDays. Three months later, Lenskart’s subsidiary Neso Brands purchased a minority investment in the Paris-based omnichannel eyewear brand Le Petit Lunetier.

The development comes as Lenskart plans for its first public offering (IPO), which seeks to raise $1 billion at a $10 billion value. Last Monday, the corporation changed its holding entity from a private to a publicly traded entity. The move was exclusively reported by the media sources.

Also Read: Zepto Will Delay Its Initial Public Offering to 2026

What is GeoIQ?

At GeoIQ, we are transforming the world of location data and intelligence. Our platform provides a comprehensive one-stop solution for all your location-based requirements. We recognise that in today’s fast-paced, data-driven world, leveraging the power of location information is critical for making informed decisions and accomplishing a competitive advantage.

GeoIQ provides access to plenty of location data and intelligence applications that serve a wide range of businesses and use cases. Whether you’re a retailer trying to optimise shop sites, a logistics company looking to simplify routes and deliveries, or a city planner looking for insights into urban development, our platform has you covered.

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