Goqii Goes for Series A funding, Raises $13.4 million
Mumbai, India | Red Newswire | Nov 27, 2015 Last Updated at 09:00 PM IST.
Goqii Inc., the US-based fitness technology company has raised $13.4 million in Series A funding. New Enterprise Associate (NEA) – the global venture capital firm led the funding round along with other investors including Cheetah Mobile Inc., Great Wall Club, DSG Consumer Partners and other angel investors.
In 2014 also the company received some investments from Neeraj Arora (business development head, Whatsapp Inc.) and Marco Argenti (VP, Amazon Web Services.). However, the amount of investments remains undisclosed.
Vishal Gondal founded Goqii in 2014 as health wrist band company. This wearable technology allows the users to access fitness services by logging into a common platform. The company has the plans of expanding to other bigger markets like china in an effort to increase its consumer base.
Gondal said, “This additional funding will focus on accelerating revenue growth, as well as in the long-term potential of our company. This funding also reflects the robustness of the sector. Our bands’ agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets of China and US.”
Presently Goqii offers 3 subscription models for quarterly and yearly packages for Rs. 3,999 and Rs. 11,999 respectively. According to the predictions made by the International Data Corporation WorldWide, the company will have shipped around 173.4 million units which will increase its growth by 22.9%.
Bala Deshpande (Senior managing director, NEA) said, “We believe that Goqii is redefining the wearables market globally and with its combination of technology, world’s leading experts, coaches and karma points on a single platform is uniquely positioned to lead in it.”
There are very few companies in the wearable technology space that have received such huge funding and Goqii is one of them. Right from the beginning the company has targeted audience outside India.
Some other Indian start-ups sharing the same space include 2mpower Health Management Services Pvt. Ltd and SenseGiz Technologies Pvt. Ltd.