Fitness wearable maker GOQii INC has raised $30-35 million (nearly Rs 212 crore) in its fresh equity funding round. The funding round was spearheaded by Japanese conglomerate Mitsui & Co, while reports are claiming that crypto investment firm Galaxy Digital and Denlow Investment Trust also participated in the round.
Scores of other existing investors including Paytm boss Vijay Shekhar Sharma and former Tata Chairman Ratan Tata also participated in the round.
GOQii INC hasn’t made quite clear how it intends to use the latest funds. However, GOQii’s founder and CEO Vishal Gondal told a leading financial daily that the company may use the funds to fuel its international expansion. He disclosed that his company will be especially targeting the Japanese market in the coming months.
Gondal’s decision apparently makes sense given that Japan is one of the most matured products for tech products. His company will now expectedly look to leverage its partnership with Mitsui to penetrate the Japanese market.
For all those who are not aware, GOQii is a four year old startup that has made quite a splash in India’s nascent fitness market. The company has entered the market with its flagship product GOQii Vital, a smart fitness band that helps to track and monitor your blood pressure & heart rate.
The company is looking to cash on increasing health consciousness and growing awareness about healthy lifestyle among the urban folks.
For the financial year ended March 31, 2018, GOQii reported total revenue of Rs 11.43 crore, a slight increase from Rs 11.06 crore in the last financial year. However, startup’s loss increased by nearly 24% to reach Rs 19.63 crore.
GOQii’s impact among customers and investors in a short span of time would not have been possible without its talismanic founder Mr. Gondal. Mr. Gondal is actually one of the proud poster boys of the Indian startup ecosystem. He had earlier founded online mobile gaming company IndiaGames, which was successfully sold to media giant Walt Disney in 2011.
The deal, which was valued around $80-100 million, made Mr. Gondal an overnight sensation in the Indian corporate world. Now with his second venture, Gondal is most certainly looking to add another feather into his cap.