Omnichannel eyewear leader Lenskart is finalizing its acquisition of a majority stake in geo‑location AI startup GeoIQ, according to insiders at Entrackr. The deal, expected to close soon, will see existing investors exiting while Lenskart deepens its tech-driven portfolio.
GeoIQ, a Bengaluru-based startup known for its 100 m×100 m geospatial grids derived from satellite imagery, government records, and public data, is reportedly being valued between $15–20 million in this transaction. Lenskart, which previously co-led a $2.25 million Series A investment in May 2022 alongside 9Unicorns and Ecosystem Ventures, already held a 17.11% stake in the startup.
Lenskart is on the verge of acquiring a controlling stake in GeoIQ, aiming to leverage its advanced location intelligence capabilities for smarter store launches and enhanced offline reach. GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, offers businesses granular insights—right down to 100‑meter blocks—by merging satellite data, government records, and other trusted public sources. The platform serves major brands, including Zepto, HUL, Swiggy, Licious, CultFit and Lenskart itself.
GeoIQ posted ₹6.7 crore in operating revenue in FY24 (slightly down from ₹7.1 crore in FY23), with losses widening to ₹6.1 crore from ₹4.2 crore. The upcoming acquisition would mark a valuation hike, positioning GeoIQ between $15–20 million—up from its ₹90 crore (~$10 million) valuation before the deal. Most pre‑deal investors are expected to exit, streamlining GeoIQ under Lenskart’s oversight.
This move is part of Lenskart’s broader strategy to integrate cutting‑edge tech into its ecosystem. In October 2023, it acquired computer vision startup TangoEye, and in 2022 it ventured into global eyewear by buying Tokyo‑based Owndays and taking a stake in Parisian brand Le Petit Lunetier. With its eyes set on a $1 billion IPO at a $10 billion valuation, Lenskart is positioning itself as a data‑powered retail frontrunner.
Lenskart’s planned majority acquisition of GeoIQ reflects a strategic emphasis on geospatial intelligence to scale retail presence and improve decision-making. As the company accelerates its push toward a $10 billion IPO, this consolidation of AI assets enhances Lenskart’s ability to optimize offline expansions and maintain its tech-first competitive edge.