[Funding alert] Location Intelligence startup GeoIQ raises Rs 2.5 Cr led by 9Unicorns
Bengaluru-based location Intelligence platform, GeoIQ, has raised Rs 2.5 crore seed investment led by 9Unicorns with participation from IPV, Kayenne, among others. The startup leverages its premium location data stack and machine learning engine to deliver hyperlocal consumer insights.
Earlier in October 2019, GeoIQ had secured an undisclosed amount of funding from IP Ventures.
GeoIQ was founded in 2018 by Devashish Fuloria (CEO), Tusheet Shrivastava (CTO), and Ankita Thakur (Head of Data). Since then, GeoIQ data stack has grown to an unprecedented size, which provides 10 times more coverage than anyone else, with at least 400 times more granularity. GeoIQ aims to empower organisations 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 all-India coverage that includes every town, village, pincode and street.
GeoIQ said that its hyperlocal data with 100 percent coverage of India gives unprecedented insights for companies looking to reach out to the next billion users, reaching far corners where even bureau data doesn't penetrate. It said GeoIQ is expanding its footprint within fintech with multiple use cases, from identifying risk to prioritising collections. Outside fintech and insurance, the data stack will power use cases within ecommerce and retail.
Devashish Fuloria, Founder and CEO, GeoIQ, said, “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.”
A recent report by Gartner states that the location intelligence global industry is pegged to be at $25 billion by 2025. While North America is the largest market, APAC is the fastest-growing region.
GeoIQ said that 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, GeoIQ is poised to tap into a revenue opportunity worth over Rs 1,500 crore.