GeoIQ: Turning Location Data into Business Gold
In the age of the internet, analysing online customer behaviour has become much more efficient for businesses. Within a few seconds, data can be derived as per the requirement. However, understanding offline consumer patterns is complex. The data of the customer can be found out according to the surveys and manual data collection, which is time-consuming. This also impacts any strategic decision-making process.
Businesses that aim to expand physical stores often find this tricky and can sometimes disrupt their financial structure. This happens because businesses struggle to identify the right location that aligns with the target demographics and market potential.
The Bangalore-based startup GeoIQ found this challenge and came up with a game-changing solution. This company emerged as location intelligence surfaced in the technological landscape. GeoIQ transforms huge data with the power of artificial intelligence (AI) and machine learning (ML), helping businesses to make more informed decisions and where to expand their physical footprint.
GeoIQ’s Innovative Approach to Location Intelligence
GeoIQ was founded by Ankita Thakur, Devashish Fuloria, and Tusheet Shrivastava in 2018 as a platform that provides location-based insights to businesses. The platform harnesses data from 600+ sources, including satellite imagery, government reports, and publicly available datasets. India has over 2000 different variables and over 350 million unique hyperlocal grids.
This 360-degree service allows businesses to access income levels, consumer behaviour, and foot traffic patterns at a given location. The AI-driven model of GeoIQ predicts potential revenue outcomes of specific locations that help businesses to identify the highest growth areas that suit their physical stores best.
For instance, a restaurant chain is looking to open a new location; they can use GeoIQ to pinpoint the neighbourhoods with higher concentrations to track the target audience, assess competition density, and estimate expected footfall. This innovation helps to reduce the risks associated with expansion.
Empowering Businesses Across Industries
Reputed brands all across India – Lenskart, HUL, CaratLane, GIVA, Swiggy, Stovekraft, and CultFit – use GeoIQ’s solutions to amplify their physical store presence. TThese companies have incorporated location intelligence into their expansion strategies.
Devashish Fuloria, Co-founder and CEO, said, “GeoIQ has been formed with an aim to introduce businesses to real-world data and solve some of their pressing problems with location intelligence. We help businesses harness this otherwise non-consumable data that lies external to the organisation and draw actionable insights around user behaviour at the street level. Some of the problems that we are solving are around credit risk prediction, claim propensity, retail expansion, hyperlocal targeting, lead prioritisation, fraud prediction, and much more.”
Future Prospects and Industry Impact
GeoIQ has been backed by strong investors like 9Unicorns, Inflection Point Ventures, Kunal Bahl, Rohit Bansal, Shamik Sharma, and more. Lenskart also invested in the startup in the pre-Series A funding round. The business received an investment of 16 crore from Lenskart. Supported by so many big names who have played a crucial role in India’s entrepreneurial journey.
And as mentioned earlier, Lenskart is already a customer of GeoIQ. When a customer becomes an investor, it brings a lot of trust in the brand and their product performance.
The raised funds will be used to enhance the plans and technological infrastructure and expand its global presence as well. The startup is already operating across the globe and will be trying to expand more. GeoIQ will play a crucial role in the future of strategic decision-making by offering data-driven solutions for business growth.
By bridging the gap between online data analytics and offline consumer behaviour, GenIQ empowers businesses to expand physical stores with confidence. Catering to very precise and location-based insights powered by AI, the platform is transforming how companies are engaging with customers.
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