The fresh capital will be used for expanding its footprint across the globe, strengthening tech infrastructure and widening data team
GeoIQ is a cloud-based artificial intelligence (AI) platform that helps other organisations understand consumer behaviour and other related variables that are affecting the business
GeoIQ currently aims to dive deep into insurance, retail, ecommerce and AdTech sectors
Location intelligence startup GeoIQ has raised $2.25 Mn in an equity funding round from Lenskart and other existing investors–9Unicorns and Ecosystem Ventures.
The fresh capital will be used for expanding its footprint across the globe, strengthening tech infrastructure and widening data team.
The latest development comes years after GeoIQ last secured investment in November 2020. During that time, the Bengaluru-based location intelligence startup reportedly raised INR 2.5 Cr from 9Unicorns Venture Capital Fund. The round also saw participation from IPV, Kayenne, and LetsVenture among others.
Founded in 2018 by Devashish Fuloria, Tushneet Shrivastava and Ankita Thakur, GeoIQ is a cloud-based artificial intelligence (AI) platform that helps other organisations understand consumer behaviour and related variables that are affecting the business.
GeoIQ helps customers create map-based visual reports through its mapping platform and also, integrate their data for the real-time market view. It counts Sanofi, Eko Financial, Bounce, and Curefit as its customers.
GeoIQ’s intelligence has been utilised for risk assessment and fraud prediction in consumer finance and fast commerce players. Additionally, the AI is predicting business potential down to the street level in the retail sector, the startup said in the statement.
GeoIQ claims to help fintech and insurance companies get behavioral indicators for 100% of their users. It further asserts to have grown by 10X in the last 12 months. It currently aims to dive deep into insurance, retail, ecommerce and AdTech sectors.
In 2019, GeoIQ raised an undisclosed amount of funding from IP Ventures for expanding its tech team, improving product development and investing into brand building.
The Growth of India’s Location Intelligence Market
According to an IMARC Group report, the global location intelligence market is pegged at $14.6 Bn in 2021. The industry is expected to reach $33.9 Bn by 2027, showing a CAGR of 15.8% during 2022-2027 while a Gartner report states that North America is the largest market and Asia-Pacific (APAC) is the fastest-growing region for the location intelligence industry.
The industry, which is at a nascent stage in India, has witnessed a slew of business activities.
In February this year, Kolkata-based location intelligence startup Data Sutram raised $2.07 Mn funding led by Varanium Capital and Yatra Angel Network to expand into new geographies and sectors. The funds would be used to build and enhance new and existing products.
The round also saw participation from DMI Finance’s Sparkle Fund, White Ventures, Seeders LLP, notable angel investors from the banking and financial sectors, and existing investors — IIFL Fintech Fund and Indian Angel Network.
In October 2021, geospatial startup Attentive raised $2 Mn in a Pre-Series A funding round led by Info Edge Ventures.
Redstart Labs, Pavitar Singh (CTO, Sprinklr), Abhishek Khurana (SVP Product Engineering, Sprinklr), and IIT Delhi alumnis also participated in the round.
In October 2021, Ola acquired geospatial services provider GeoSpoc for an undisclosed amount. The acquisition was made to develop location and geospatial technologies and enhance the offerings of Ola.
