Omnichannel Eyewear Retailer Lenskart to Acquire GeoIQ

Omnichannel eyewear retailer Lenskart is on the verge of acquiring GeoIQ, a startup focused on location artificial intelligence, according to sources familiar with the situation as reported by Startup Superb. The acquisition is expected to consolidate Lenskart’s majority stake in GeoIQ, with many current investors set to exit as part of the transaction.

Lenskart previously backed GeoIQ by leading a $2.25 million investment round in May 2022, alongside 9Unicorns (now known as 100Unicorns) and Ecosystem Ventures. Additionally, in November 2020, GeoIQ raised Rs 2.5 crore from various investors, including 9Unicorns, Inflection Point Ventures (IPV), Kayenne, and LetsVenture.

About GeoIQ’s Innovative Technology

GeoIQ was founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur. The startup employs exclusive algorithms to amalgamate government data, trusted public sources, and satellite images into 100m x 100m geospatial grids. This technology aids businesses in deriving actionable consumer insights to harness offline demand and expedite growth.

Clientele and Market Presence

GeoIQ is recognised for collaborating with esteemed brands such as Lenskart, Zepto, Navi, HUL, Caratlane, GIVA, Swiggy, Licious, and CultFit. As per various sources from startup data intelligence platforms, GeoIQ holds an estimated valuation of around Rs 90 crore (over $10 million). Lenskart is the primary shareholder, owning a 17.11% stake, while the three co-founders maintain a 16.57% stake each.

Financial Performance

For the fiscal year concluding in March 2024, GeoIQ disclosed operating revenue of Rs 6.7 crore, slightly lower than Rs 7.1 crore in FY23. The company’s net loss also expanded to Rs 6.1 crore, increasing from Rs 4.2 crore year-on-year.

The source mentioned earlier indicated, “The terms of the deal are finalised, with GeoIQ anticipated to be valued between $15–20 million.”

Startup Superb has approached Lenskart, GeoIQ, 100Unicorns, and Ecosystem Ventures for their comments and will update the article upon receiving any responses.

Lenskart’s Recent Acquisitions

This acquisition represents Lenskart’s second purchase in the past two years. In October 2023, the company, led by Peyush Bansal, acquired TangoEye, an AI-focused computer vision startup in which Lenskart was already a stakeholder. In June 2022, Lenskart gained a majority stake in Japan’s Owndays. Three months later, its subsidiary Neso Brands acquired a minority stake in the Paris-based omnichannel eyewear brand Le Petit Lunetier.

The latest developments occur as Lenskart readies itself for an initial public offering (IPO), with plans to raise $1 billion and achieve a valuation of $10 billion. Last week, the company transitioned its holding entity from a private limited to a public limited company, a move initially reported by Startup Superb.