GOQii is planning to utilise the funds to expand its business network and work on big data analytics and artificial intelligence
Smart Wearables Maker, GOQii has raised around $30-35 funds led by Japan’s Mitsui & Co. at a valuation of $100-125 million. The California-headquartered brand is planning to expand its business in the coming months.
Focus areas
GOQii plans to utilise the funds to increase its staff strength, business and overall productivity. It will also use it to work on its big data analytics and artificial intelligence platforms, which, in turn, will help in delivering better wearable devices to track a user’s health.
GOQii-Mitsui partnership
Vishal Gondal, CEO, GOQii, said that the funds would help in its second phase of growth. With Mitsui’s support, it aims to kickstart a local chain in Japan. GOQii will also be dealing with several other companies associated with the Mitsui group to expand its business across Japan, Malaysia and India. The collaboration would help in delivering the goal of Reimagining Healthcare Globally, Inc4 quoted the CEO.
Koji Nagatomi, COO, Healthcare and Service Business Unit of Mitsui, said, “GOQii’s product offering is highly complementary to our portfolio of healthcare investments in India and globally. He views the partnership as a new business opportunity.
GOQii portfolio
Founded in 2014, GOQii started as a health wristband company that gradually included technology and became a smart wearable device maker. It has more than1 million paid users on its platform and it plans to raise its subscriber base by 10X in the next three years. It had raised around $13.4 million in its first round of funding.
As per March 2018 data, GOQii recorded a marginal growth in its revenue to Rs. 11.43 crores. It rose by 24 per cent to Rs. 19.63 crores.
