Eyewear leader Lenskart is set to acquire a controlling interest in GeoIQ, a startup based in Bengaluru that focuses on location-based artificial intelligence (AI) to assist businesses in making informed decisions using location data, according to sources cited by entrackr. They noted, “The deal is close to finalization, with Lenskart preparing to take a majority stake in GeoIQ,” as stated by a source familiar with the situation. “Most of the current investors are anticipated to exit as part of the deal.”
Lenskart began investing in GeoIQ in May 2022, leading a funding round of $2.25 million alongside other investors such as 9Unicorns (now known as 100Unicorns) and Ecosystem Ventures. Earlier, in November 2020, GeoIQ secured ₹2.5 crore from early-stage investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture.
GeoIQ was founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur. The company has developed an intelligent platform that processes large datasets, including government records, satellite images, and publicly accessible information, to deliver actionable location intelligence to businesses. The platform offers grids as small as 100-meter by 100-meter blocks, enabling businesses to identify potential customer locations and decide where to establish new stores.
GeoIQ currently collaborates with several prominent brands, including Zepto, Navi, Hindustan Unilever (HUL), CaratLane, GIVA, Swiggy, Licious, CultFit, and Lenskart itself. The data provided by GeoIQ assists companies in reducing the risks associated with opening new outlets and enables rapid scaling.
As reported by Media, GeoIQ’s current valuation is approximately ₹90 crore (over $10 million). Lenskart is already the largest shareholder with a 17.11% stake, while the three founders each hold a 16.57% stake. “The terms of the agreement have been finalized, with GeoIQ expected to be valued between $15–20 million,” stated the source.
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