<<Resurfacing some of the information from comments to here for broader community usage>>
@Vishal Goyal - Sorry for the experience , it is a known issue which our team is aware. Currently we have dependency on GeoLite2 from MaxMind , since the DB is owned by them to fix this our team is working with them.
Post further evaluating this with our internal team , it has been called out that one of the workaround we can think of is for customers to enable ingestion of raw IP addresses into Application Insights and do their own geo lookup after the data is ingested.
However, please be aware that our team is working on procuring an updated version of the IP mapping database. We do not have an ETA at this moment, will offer guidance on that soon.
Please feel free to circle back if you have any additional queries. Thank you.