Lenskart is gearing up for its next big move. The eyewear giant is set to acquire a majority stake in GeoIQ, a location artificial intelligence startup. Sources close to the deal told Entrackr that the acquisition is almost done, with most current investors planning to exit. This deal signals Lenskart’s increasing focus on technology to stay ahead.
But what does this mean for you, the average customer? Well, with GeoIQ’s smart location data, Lenskart can understand where demand is hot and tailor its services better.
Think of it as giving Lenskart a GPS for finding new customers and opening stores where they’re needed most. It’s like having a map that doesn’t just show roads but also where people actually want to buy glasses.
GeoIQ, founded by Devashish Fuloria, Tushneet Shrivastava, and Ankita Thakur, uses clever algorithms to mix government data, satellite images, and other public info.
They create detailed 100m x 100m grids of geographic data that brands use to get a real picture of offline demand. GeoIQ already counts big names like Zepto, Swiggy, HUL, and of course, Lenskart among its clients.
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Lenskart isn’t new to GeoIQ — it led a $2.25 million funding round for the startup in May 2022. Now, it’s looking to take control with a bigger stake. GeoIQ’s current value stands around Rs 90 crore (over $10 million), but this deal could value it between $15 million and $20 million.
It’s not just about numbers. GeoIQ reported Rs 6.7 crore in operating revenue for FY24, a slight drop from Rs 7.1 crore the year before. Meanwhile, its losses widened, showing it’s still in growth mode and burning cash to expand. Lenskart’s acquisition might just be the boost GeoIQ needs to level up.
This is Lenskart’s second acquisition in two years. Last year, it snapped up TangoEye, an AI-powered computer vision startup. Before that, it bought majority stakes in Japan’s Owndays and a minority stake in French eyewear brand Le Petit Lunetier through its subsidiary Neso Brands.
All these moves come as Lenskart prepares for a $1 billion IPO at a $10 billion valuation. Just last week, the company changed its holding structure from private to public limited. The timing of this GeoIQ deal seems perfect to add tech muscle and show investors they are serious about smart growth.
If you think about it, Lenskart’s strategy is clear. They’re not just selling glasses—they’re building a tech-driven retail empire. The GeoIQ acquisition gives them a secret weapon: data that points straight to where customers are and what they want. As Lenskart gets ready to go public, this deal signals they want to be more than an eyewear brand—they want to be a data-first powerhouse.
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