Get All Access for $5/mo

Lenskart Invests $2 Million In GeoIQ The startup aims to utilize the fund to extend its offering for retail location selection, add new features to the product and empower customers

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

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

Company handout

Lenskart, a retailer and manufacturer of contemporary eyewear, has invested $2 million in pre-Series A round in GeoIQ, an artificial intelligence (AI)-based local intelligence platform. The funding round witnessed participation from existing investors 9 Unicorns, Venture Catalysts and Ecosystem Ventures. The startup aims to utilize the fund to extend its offering for retail location selection.

"With GeoIQ technology, Lenskart will be opening the most efficient omnichannel stores globally with 50 per cent return on invested capital and five times more speed of opening. We also want to facilitate GeoIQ's ambition of becoming a world-class geo analytics company in the long run," said Peyush Bansal, co-founder and CEO, Lenskart.

Lenskart has been investing in cutting-edge technology companies and backing entrepreneurs who are building truly disruptive products through its Lenskart Vision Fund initiative. GeoIQ's AI based location tool will help Lenskart to gather accurate market share data across micro markets and run more targeted regional marketing campaigns, as per a statement.

"The use of analytics has become widespread as more and more businesses are recognizing the benefits of data. The fund raised will enable us to add new features to our product and empower our customers," said Devashish Fuloria, CEO, GeoIQ.

Over the next 12 months, GeoIQ aims to empower 1,000 data team across India and the US with its no-code location AI, and is targeting 10 times increase in its API usage to enable 3 million decisions a day, claimed by the company in the statement.

Founded in 2010, Lenskart is transforming the eyewear industry by offering services such as home eye check-up and trials, 3D try-on and lens fitting. The company claims that it serves over 10 million customers with a presence in 235 India cities and Singapore, across a network of more than 1,000 omnichannel stores.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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.

Living

70% of Small Business Owners Experience Monthly Burnout. Follow These 3 Rules to Avoid the Same Fate.

Here are three guidelines to help entrepreneurs achieve balance, growth and success in both their professional and personal endeavors.

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.

Franchise

Kick-Start Your Small Business With These Cost Effective Strategies

Starting a small business is an exciting adventure, brimming with both opportunities and challenges. A key to success is effectively managing costs from the outset.