Exclusive: Lenskart set to acquire location AI startup GeoIQ

Omnichannel eyewear retailer Lenskart is all set to acquire location artificial intelligence startup GeoIQ, sources aware of the development told Entrackr.

“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, which had previously invested in GeoIQ, spearheaded a $2.25 million funding round in May 2022, joined by 9Unicorns (now 100Unicorns) and Ecosystem Ventures. In November 2020, the startup secured Rs 2.5 crore in funding from investors including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture, among others.

Founded by Devashish Fuloria, Tushneet Shrivastava and Ankita Thakur, GeoIQ utilizes proprietary algorithms to layer government data with other trusted public sources and satellite imagery into generating 100m x 100m geospatial grids.

The startup specializes in providing businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. It already works with well-known brands like Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit.

According to startup data intelligence platform TheKredible, GeoIQ is currently valued at around Rs 90 crore (over $10 million). Lenskart is the largest stakeholder in the company with 17.11% stake while all three co-founders hold 16.57% stake each.

For the fiscal year ending in March 2024, GeoIQ reported an operating revenue of Rs 6.7 crore against Rs 7.1 crore in FY23. Its net loss widened to Rs 6.1 crore from Rs 4.2 crore year-on-year.  

“The terms of the deal have been sealed, with GeoIQ expected to be valued anywhere between $15–20 million,” said the person quoted in the beginning of the story.

Entrackr has reached out to Lenskart, GeoIQ, 100Unicorns and Ecosystem Ventures for comments. We will update the story in case they respond.

This marks Lenskart’s second acquisition in the last two years. In October 2023, the Peyush Bansal-led company acquired TangoEye, an AI-driven computer vision startup in which it was already an investor. In June 2022, it bought a majority stake in Japan’s Owndays. Three months later, Lenskart’s subsidiary Neso Brands also acquired a minority stake in Paris-based omnichannel eyewear brand Le Petit Lunetier.

The development comes as Lenskart gears up for its initial public offering (IPO) as it aims to raise $1 billion at a valuation of $10 billion. Last week, the company also transitioned its holding entity from a private limited to a public limited company. The move was exclusively reported by Entrackr.