Get All Access for $5/mo

[Funding Alert] GeoIQ Raises INR 2.5 Cr In Seed Round Led By 9Unicorns The platform leverages innovative spatial AI to provide real-time API based access to over 1,800 location attributes at the street-level granularity

By Prabhjeet Bhatla

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Unsplash

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.

Prabhjeet Bhatla

Former Staff

News and Trends

"45% of All Ongoing Hydropower Projects in India are Ours": Patel Engineering

Patel Engineering reported a turnover of INR 4,400 crore in the last fiscal year, with a projected 10 per cent growth for the current year.

News and Trends

PB Fintech to Enter Healthcare Sector with New Wholly-Owned Subsidiary

The new entity, which is expected to be named either 'PB Healthcare Private Limited' or 'PB Healthcare Services Private Limited,' will focus on providing healthcare services.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Leadership

Should I Stay or Should I Go? 8 Key Points to Navigate the Founder's Dilemma

Here are eight key signs that help founders determine whether to persevere or let go.

News and Trends

Broadcom Stock Soars on AI Growth Outlook

Broadcom's next-generation AI chips, built with advanced 3-nanometer technology, are set to debut in the spring