Bengaluru-based location intelligence startup GeoIQ raised an undisclosed amount of funding from IP Ventures. The company is expected to utilise the fund to expand its tech team, improve product development and focus on marketing.
GeolQ, which is currently an early-stage startup, operates in the location intelligence space, using data from multiple sources to service clients across verticals.
Founded in 2018, GeoIQ offers real-time solutions to help allocate resources towards the real target customer group in a cost-efficient manner. It has over 25 clients across retail and logistics including Sanofi, Eko Financial, Bounce, Curefit etc.
Talking about the investments, Devashish Fuloria, CEO, GeoIQ said, “IP Ventures brings together an excellent group of people, with experience across major industry sectors who provide direct assistance on how to tailor our product as per the industry needs.” He also highlighted the importance of the right partnership and added, “For an enterprise product like ours, the access to the right set of people is paramount.”
Citing real-time accurate data as a competitive advantage, Rajeev Pandiya, IP Ventures angel investor said, “In a slowing economy, this can be a competitive advantage for senior management trying to gain market share as well as get real-time accurate data to keep a check on sales teams’ expenditures justifying wasteful promotion schemes, incentives etc.”
According to a Gartner report, by 2021, organisations which offer information about their location, coverage area and use geo-location-based analytics will witness a 2X growth from their data and analytics investments than those that do not.
The location intelligence industry is also pegged to be valued at $25 Bn by 2025 globally. While North America is the largest market, Asia-Pacific (APAC) is the fastest-growing region for the industry.
Although Ankita Thakur, GeoIQ’s chief data scientist, found the fundraising process rigorous, she also cited that the whole process was transparent and ultrafast. Talking about the utilisation of the funds, Thakur said, “We intend to utilize the funds to hire tech team members, product development and focused marketing.”
Since its inception, GeoIQ has built a repository of granular data from multiple sources and now boasts of granular demographic information on 500 Mn 100x100m grids across India, which companies can leverage to streamline logistics and geolocation services.