Bengaluru based location intelligence platform GeoIQ, that provides India’s most comprehensive and granular location data stack, has raised Rs 2.5 crore. The funding was backed by Ecosystem Ventures which invests in disruptive startups and helps them scale. 9Unicorns, Inflection Point (IP) Ventures and Kayenne Ventures also invested in this round.
Founded in 2018 by Devashish Fuloria (CEO), Tusheet Shrivastava (CTO) and Ankita Thakur (Chief Data Scientist), the startup has developed detailed location-based data-sets that are 400x more granular than a pin code. Combine that with their 100% coverage of India, businesses are now able to access information about the next billion users at an unprecedented scale. AI/ML models built on top of such data have multiple use-cases across fintech, FMCG, retail, insurance, etc.
The company achieved cash-breakeven in September, much ahead of their initial plans due to strong client adoption. Fintech companies are able to take better credit decisions using their risk models. Pharma & FMCG companies are able to optimize their distribution network and predict sales outcomes by adding GeoIQ’s algorithms on top of their models. Logistic companies are using their proprietary analytics and visual-mapping stack for optimizing routing decisions.
Ecosystem Ventures’ Founder Abhijeet Bhandari, who has been supporting GeoIQ in driving their Strategic Growth, said that “GeoIQ has an exceptional analytics capability and they have been able to productize location intelligence through their automated APIs and are leaders in GIS-based analytics in India”
The funding-round generated twice the commitment required. Devashish Fuloria, founder and CEO of GeoIQ commented, “Besides driving the fund-raise activities, Ecosystem Ventures has been a great supporter and went deep into every aspect of the company to ensure that we optimize our product & sales activities. Our revenues have grown 5x in the last 5 months as some of the largest fintech companies have become our clients.”
Co-founder & CTO Tusheet Shrivastava further elaborated, “The fresh capital is intended to be used majorly for Product Enhancement and Market Expansion by onboarding exceptional talent to help the company achieve 10x growth in the next 2 years.”
Hyper-local analytics ventures have gained a tremendous spotlight as both B2B and B2C companies are scrambling to gain granular insights specific to each location to optimize their ops and sales decisions.
In October 2019, the company had raised funding from IPV for product development and focused marketing.