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
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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.