[Funding Alert] GeoIQ Raises INR 2.5 Cr In Seed Round Led By 9Unicorns
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Idea-phase accelerator venture capital fund 9Unicorns on Tuesday announced to have recently led an INR 2.5 crore seed investment in GeoIQ, a location intelligence startup that leverages its premium location data stack and machine learning engine to deliver hyperlocal consumer insights. The funding round also saw participation from IPV, Kayenne, and LetsVenture, among others.
Founded in 2018, the platform’s data stack has grown to an unprecedented size, which provides ten-times more coverage than anyone else, with at least 400-plus more granularities. The company aims to empower organizations by using its unparalleled location data stack and providing unique insights on their customers. To achieve this, the startup leverages its category-leading technologies and pan India coverage that includes every town, village, PIN code and street.
“With big names of Indian consumer lending as clients, GeoIQ is fast expanding their API usage. The fund raise is strategic, with the aim of expanding the user base aggressively,” said GeoIQ founder and chief executive officer Devashish Fuloria.
Its location data stack has emerged as a tool in improving credit risk prediction especially for the underbanked. The hyperlocal data with 100 per cent coverage of the country gives unprecedented insights for companies looking to reach out to the next billion users, reaching far corners where even bureau data doesn't penetrate. The company aims to expand its footprint within fintech with multiple use-cases, from identifying risk to prioritizing collections.
“The out-of-the-box idea of utilizing location data and leveraging it to drive positive business outcomes will prove to be highly successful in today’s economy where data is considered priceless. GeoIQ’s innovative SaaS platform not only provides real time insights but is also capable of delivering predictive analysis to clients with high levels of accuracy. The innovative venture is addressing a highly lucrative market and we truly believe that the founding team is capable of converting the high potential opportunity into a robust growth story. We wish them continued success,” added 9Unicorns co-founder and managing director Dr. Apoorv Ranjan Sharma.
In an increasingly digital-first country like India, knowing the next billion users presents an invaluable opportunity for businesses, budding or established, across sectors. Within consumer lending and insurance sectors alone, the company is perched to tap into a revenue opportunity worth over INR 1,500 crore. The overall location intelligence market in the APAC region is pegged at a whopping $25 billion.