Source: Entrackr
Eyewear giant Lenskart is poised to acquire a controlling stake in GeoIQ, a Bengaluru-based startup specializing in location-based artificial intelligence (AI), which helps businesses make better decisions based on location data, sources say according to entrackr. They add “The deal is nearing completion, with Lenskart set to acquire a majority stake in GeoIQ,” said a source familiar with the matter. “Most of the existing investors are expected to exit as part of the transaction.”
Lenskart invested in GeoIQ starting May 2022, when they led a $2.25 million round of funding with other investors including 9Unicorns (now called 100Unicorns) and Ecosystem Ventures. Prior to that, in November 2020, GeoIQ raised ₹2.5 crore from early-stage investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture.
What is GeoIQ all about?
GeoIQ was started by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur. The company has built an intelligent platform that takes large data sets including, but not limited to, government records, satellite imagery, and publicly available information and provide businesses with actionable location intelligence. The platform provides grids down to 100-meter by 100-meter blocks to help businesses understand where their potential customer base is to help determine where to open new stores.
GeoIQ now partners with some well-known brands, such as Zepto, Navi, Hindustan Unilever (HUL), CaratLane, GIVA, Swiggy, Licious, CultFit as well as Lenskart itself. GeoIQ data helps companies mitigate the risks involved in opening new outlets and scale fast.
Acquisition Terms and Numbers
According to a report by startup platform TheKredible, GeoIQ’s current valuation is at about ₹90 crore (which exceeds $10 million). Lenskart is already the largest shareholder with a 17.11% stake. The three founders hold a stake of 16.57% each. “The terms of the deal have been sealed, with GeoIQ expected to be valued anywhere between $15–20 million,”
said the source mentioned earlier.
From a financial perspective, GeoIQ’s reported revenue was ₹6.7 crore for FY24 compared to about ₹7.1 crore for FY23. The company saw its losses increase to ₹6.1 crore from ₹4.2 crore from the year before.
Lenskart’s Broader Strategy
This acquisition is the latest move in Lenskart’s technology-driven growth strategy. In October 2023, Lenskart acquired the AI-based computer vision startup TangoEye. In June 2022, it acquired a majority stake in the Japanese eyewear brand Owndays. Its subsidiary Neso Brands also bought a minority stake in the French brand Le Petit Lunetier.
At present, Lenskart is gearing up for a $1 billion initial public offering (IPO) at a $10 billion valuation. Last week, the company changed its status from private limited to public limited signaling its intentions for an IPO.
