geoiq

Overview

GeoIQ is a leading location intelligence platform founded in 2018, headquartered in Bengaluru, Karnataka. The company excels in delivering cutting-edge AI solutions that provide businesses with real-time location insights, with a strong focus on optimizing retail expansion and site selection. By integrating machine learning with location data, GeoIQ offers comprehensive site evaluations based on demographics, consumer behaviors, and business opportunities.

Key Figures

• Valuation: Estimated between $11.2 million and $14 million as of May 2022.

• Total Funding: Approximately $4.6 million, with significant contributions from Titan Capital and Lenskart.

Products and Solutions

GeoIQ's primary offerings include:

• RetailIQ: A suite designed for optimizing retail location strategies.

• MarketConnect: A geo-marketing tool.

• Site Selection & Analysis: AI-driven insights for strategic store placement decisions.

• Revenue Prediction: Predictive models for site profitability forecasts.

• Competitor and Trade Area Analysis: Tools for assessing competition and identifying key trade areas.

Recent Achievements

• Facilitated the opening of over 2000 new stores.

• Contributed to savings of Rs. 300 crore by optimizing expansions.

• Reduced store closure rates through detailed market insights.

• Enhanced site selection for key brands like Lenskart and a national Fitness Chain.

Compliance and Data Security

GeoIQ adheres to stringent data security standards, including ISO-27001, HIPAA, and SOC-2 (Type 2), ensuring data integrity and protection aligning with global frameworks.

Leadership

The leadership team at GeoIQ includes:

• Devashish Fuloria, CEO and Co-Founder.

• Tusheet Shrivastava, CTO & Co-Founder.

• Rishi Agrawal, VP of Technology.

This team is pivotal in integrating machine learning with location data for company growth and innovation.

Customer Success Stories

Highlighted testimonials demonstrate the impact of GeoIQ's solutions:

• Lenskart achieved expansive global growth and a 50% improved ROI by utilizing GeoIQ’s technology.

• Peyush Bansal, CEO of Lenskart, praised the technology for its substantial capital returns.

• Abhishek Panda, VP at GIVA, acknowledged the enhanced profitability insights for new sites, facilitating faster market entries.

Competitor Profiling for GeoIQ

Overview

GeoIQ operates within a competitive environment, focusing on geo-analytics and location-based data solutions. Key competitors include startups in GIS services and global players in logistics and data technologies. Analyzing competitors aids GeoIQ in strategic business development and market positioning.

Key Competitors and Comparative Insights

• Locale.ai: Specializes in AI-driven sales automation, offering CRM data entry and lead follow-up automation, founded in 2019, Palo Alto-based, privately held, with 11-50 employees.

• GeoSpoc: Known for geo-analytics solutions, was acquired by OLA, offers location-based services, headquartered in Pune, with 51-200 employees.

• SpaGeo Technologies: GIS consulting services for government and business, based in NCR, established in 2000, with 11-50 employees.

• LogiNext Solutions: Leader in logistics technology, offers a SaaS-based delivery platform, based in New Jersey, achieving 120% YoY growth, funded by $49.5 million, serving clients like KFC and McDonald's.

• Caleidos: Provides cloud computing, DevOps, and engineering services, based in Peru, focuses on diversity and inclusivity.

Actionable Insights

• Localization and Customization: GeoIQ can emphasize tailored geo-analytics and data integration solutions to differentiate across sectors.

• AI and Automation: Incorporating AI to enhance efficiency like Locale.ai could open new market segments.

• Strategic Partnerships: Partnerships or acquisitions, similar to GeoSpoc's approach with OLA, can broaden service offerings and market reach.

• SaaS Implementation: Adopting SaaS-based solutions could streamline customer engagement, inspired by LogiNext's success.

• Diversity and Inclusion: Encouraging diversity within GeoIQ, akin to Caleidos's practice, could drive innovation and enhance brand image.

Understanding these competitors enables GeoIQ to strategically strengthen its market presence through innovative technology, bespoke solutions, and targeted market advancement strategies.