Lenskart to Acquire Location AI Startup GeoIQ

Omnichannel eyewear giant Lenskart is set to acquire location artificial intelligence startup GeoIQ, deepening its strategic integration of AI to enhance consumer insights and expand its market reach. Sources indicate the deal is nearing completion, with Lenskart acquiring a majority stake and most existing investors expected to exit.

GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, specializes in generating 100m x 100m geospatial grids by layering government data with public sources and satellite imagery. This technology provides businesses with actionable consumer insights to tap into offline demand and facilitate faster expansion. GeoIQ already serves a notable client roster including Zepto, Navi, HUL, and Swiggy, alongside Lenskart itself, which led a $2.25 million funding round in GeoIQ in May 2022.

Valued at approximately ₹90 crore (over $10 million), with the current acquisition valuing it between $15-20 million, GeoIQ reported an operating revenue of ₹6.7 crore in FY24, with net losses widening to ₹6.1 crore. Lenskart is currently GeoIQ's largest stakeholder, holding a 17.11% stake.

This acquisition marks Lenskart’s second in two years, following its purchase of AI-driven computer vision startup TangoEye in October 2023. These strategic moves align with Lenskart's broader inorganic growth strategy, which also includes acquiring a majority stake in Japan's Owndays in June 2022 and a minority stake in Paris-based Le Petit Lunetier via its subsidiary Neso Brands.

The GeoIQ acquisition comes as Peyush Bansal-led Lenskart gears up for its initial public offering (IPO), aiming to raise $1 billion at a $10 billion valuation. The company recently transitioned its holding entity from a private to a public limited company, signaling its readiness for the public market. This latest acquisition reinforces Lenskart's focus on leveraging cutting-edge technology for growth ahead of its highly anticipated IPO.