Indian fitness technology startup GOQii, founded in 2013, is making a name for itself in the healthcare space.
Recently, the California-headquartered startup raised $50 million in a Series C round — a mix of equity and debt investments — led by Sumeru Ventures. The company will use the capital to accelerate its business.
Vishal Gondal, Founder and CEO, GOQii, said the company believes that wearable technology gets life from the integration of data with health coaching. GOQii is trying to build a complete preventive healthcare ecosystem by integrating with the healthcare industry.
Additionally, the company is focusing big on digital therapeutics. “India is the capital of diabetes, cholesterol, and hypertension, which could be completely managed by changing your lifestyle,” he said. He added, GOQii will use the funds to build products and solutions to help people with lifestyle management.
Vishal mentioned that GOQii’s devices are CDSCO approved, meaning its data accuracy is much higher. Besides, GOQii is fully integrated with other medical devices, and the company has created digital therapeutics solutions in partnership with pharmaceutical partners backed with clinical studies.
“What we do is we create complementary therapy,” he said.
At present, the startup is focusing on increasing its paid subscribers base and scaling revenue. The pandemic was a big push for GOQii, as people grew extremely health-conscious, and that reflected in the form of a 100 percent growth in revenue. GOQii is targeting a $100 million revenue mark in the next 18 months.
Moving forward, Vishal shared the company will also focus on insurance as it believes the insurance space is extremely underpenetrated. The company's north star metric focuses on longevity. “Our goal is to make people live longer and healthier lives, and in India, this is a huge problem,” he said.
GOQii’s 55-60 percent of users are from smaller cities and towns, which significantly lacks in providing access to quality preventive healthcare.
In terms of the future roadmaps, Vishal shared the company’s big five-year plan is to expand to several overseas and grow outside of India.
Edited by Suman Singh