Vishal Gondal led healthcare and fitness wearable startup GOQii has raised $30 million (INR 213 crores) in a series B round of funding from Japanese conglomerate Mitsui & Co. The two businesses will collaborate post the investment. With the recent development, GOQii plans to penetrate the Japanese markets.
Mistui is the largest healthcare investor in Japan with a portfolio of companies focused on pharmaceuticals, medical devices, dialysis clinics and hospitals. The firm’s motto is to provide safe, secure and convenient healthcare related services.
“We have spent the last few years validating our platform and forging partnerships with global insurance and healthcare providers. We are very excited to partner with Mitsui to drive the next phase of our growth. There are several areas of potential collaboration and our respective teams will drive an aggressive roadmap to deliver our goal of Reimagining Healthcare Globally! Our goal is to be the dominant healthcare platform for millions of users globally and empower them with a better lifestyle and healthcare solutions and be the force of good,” Vishal Gondal, CEO of GOQii, said.
GOQii will use the freshly raised capital to hire talents, in addition, to push its marketing strategies focused on geographical expansion. The firm also plans to strengthen its big data analytics and artificial intelligence platform which will help it to drive detailed insights about a user’s health.
Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui, said, “This Investment is an important step in achieving our vision of being ‘Asia’s #1 Healthcare Ecosystem’. GOQii’s product offering is highly complementary to our portfolio of healthcare investments in India and globally and we see several areas of immediate collaboration between us and GOQii. As healthcare systems evolve across the globe, the addition of an online preventive healthcare platform ensures that Mitsui is present across the healthcare value chain. We also see a strong potential for GOQii to enter the Japanese market and are ready to help GOQii achieve its vision and ambitions. Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today’s Japanese society. Upon GOQii’s entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realise our ambitions.”
Founded by Vishal Gondal in 2014, the startup provides smart tech-enabled healthcare platform for real-time personalized health coaching, a high growth health e-commerce stores as well as scheduling health checkups. The startup has also introduced ‘GOQii Cash’, a reward program where healthy behaviour is rewarded with cash discounts.
GCA Corporation advised GOQii with the investment deal. Several investors like Galaxy Digital, a leading blockchain merchant bank and Denlow Investment Trust, a leading LP in several consumer focused funds, also participated int he funding round. GOQii boasts to have some marquee investors like NEA, Ratan Tata, Vijay Shekhar Sharma and DSG Consumer Partners. The company has also raised debt funds from Trifecta Capital.