In a strategic move to deepen its technological edge, omnichannel eyewear retailer Lenskart is set to acquire location AI startup GeoIQ. The deal is nearing completion, will see Lenskart acquire a majority stake in the Bengaluru-based deep tech startup, further bolstering its data-driven retail expansion capabilities.
GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, builds 100m x 100m geospatial intelligence grids using public datasets, government records, and satellite imagery. Its AI-driven location analytics help brands understand offline consumer demand, ideal store locations, and market potential—an offering that aligns strongly with Lenskart’s expansion strategy.
This acquisition marks Lenskart’s second buyout in less than two years. In October 2023, the company acquired TangoEye, an AI-driven computer vision startup, while in June 2022, it bought a controlling stake in Japan-based Owndays, expanding its global footprint. Notably, Lenskart’s investment arm Neso Brands also picked up a minority stake in Paris-based eyewear brand Le Petit Lunetier later that year.
Lenskart is currently the largest stakeholder in GeoIQ with a 17.11% stake, having previously led a $2.25 million funding round in May 2022, joined by 9Unicorns (now 100Unicorns) and Ecosystem Ventures. According to data intelligence platform TheKredible, each of GeoIQ’s three co-founders currently hold 16.57% of the company.
GeoIQ’s Client Roster and Performance
GeoIQ serves a powerful lineup of clients including Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit, in addition to Lenskart. Despite the impressive client base, the startup remains in the red. In FY24, GeoIQ reported Rs 6.7 crore in revenue, down slightly from Rs 7.1 crore in FY23, while net losses rose to Rs 6.1 crore from Rs 4.2 crore year-on-year..
IPO Gears in Motion
The acquisition comes at a crucial juncture, as Lenskart prepares for its much-anticipated IPO, aiming to raise $1 billion at a valuation of $10 billion. Just last week, the Peyush Bansal-led firm took a major step in that direction by transitioning its holding entity from a private limited to a public limited company, a move that signals readiness for the public markets.
The deal with GeoIQ is expected to add significant firepower to Lenskart’s location intelligence and omnichannel expansion, as the brand scales operations in Tier II/III cities and international markets.
Entrackr has reached out to Lenskart, GeoIQ, 100Unicorns, and Ecosystem Ventures for comments. The story will be updated if and when they respond.
Key Takeaways:
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Lenskart to acquire majority stake in GeoIQ, a geospatial AI startup.
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Deal values GeoIQ between $15–20 million.
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GeoIQ’s clients include Zepto, HUL, Swiggy, Licious, CultFit, and more.
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Acquisition follows earlier deals with TangoEye, Owndays, and Le Petit Lunetier.
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Comes just before Lenskart’s IPO push, where the firm targets a $10 billion valuation.
