Goqii raises $13.4m to develop IoT-based fitness tracker
December 2, 2015
Indian start-up Goqii has raised US$13.4m in series A round of funding led by New Enterprise Associates (NEA) and Chinese company Cheetah Mobile to develop further its IoT-based wearable fitness tracking devices. This brings the total risk capital the company has raised to about $20m.
Singapore-based VC fund DSG Consumer Partners, Great Wall Club (a consortium of Chinese and US investors), Ilkka Paananen, CEO and co-founder of Finnish mobile gaming start-up Supercell, and Seedfund’s co-founder Pravin Gandhi also invested in this round.
Cheetah’s investment should help Goqii expand in China. Additionally, the firm plans to offer its products on Xiaomi – Cheetah Mobile chairman Jun Lei is also founder of Xiaomi.
“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 the USA,” said Vishal Gondal, CEO of Goqii. The start-up was set up in 2013 by Gondal, founder of Indiagames, a video game development and publishing company.
“We are looking to expand overseas in countries such as China but for that we will need local Mandarin content which we are working upon,” said Gondal. “Our band agnostic approach and virtual delivery model has received tremendous reception globally and we are now planning to replicate this success in key markets.”
Goqii, which also has offices in California and China in addition to Mumbai, raised an undisclosed sum in funding from Vijay Shekhar Sharma, founder and CEO of m-commerce company Paytm, in July this year.
Goqii provides a combination of wearable technology, expert-led personalised coaching and elements karma to enable its users to make a permanent shift to a healthier lifestyle. The company employs around 100 people and has more than 1000 coaches on its platform who guide users via the mobile app. The company claims to have 100,000 users.
The start-up’s other investors include Amit Singhal from Google, Kanwaljit Bombra from Dell, and Taher Khorakiwala and Vijay Vashee from Microsoft.