6 Oct 2016

Rishabh Tripathi

Ratan Tata Invests In GOQii- A Smart Wearables Firm

Ratan Tata , chairman emeritus of Tata Sons and also a serial investor has added another to his start-up funding list by investing in a virtual fitness coaching platform GOQii. However the amount of funding remains undisclosed.

Talking about the investment , vishal gondal ,CEO and founder of GOQii said “With the recent developments and tie-ups on the platform, the investment from Tata is a testimony to us being a defining player of services in our category making long-term impact in people’s life. We feel honored and it further boosts our confidence to accelerate the pace of our growth. We will ensure that GOQii reaches new heights in the healthcare space in India.”

What is GOQii?
Founded in February 2014 by Vishal Gondal,founder of India games ltd., GOQii is a smart wearables start-up which helps in tracking your steps, sleep and any other physical activity. It brings you personalized healthy lifestyle coaching along with comprehensive health management to reach your goals. GOQii does this by connecting your activity tracker or smart watch to a professional health and fitness coach of your choice via the GOQii app. The company’s app can integrate with 35 major fitness bands including Jawbone, Fitbit, Garmin, Moov, Misfit, and Sony. Users have to decide on a goal and choose a coach to guide them on the application. It is headquartered in California, with offices in Mumbai and Shenzhen.It has different subscription rates ranging from Rs 3999 for 12 months , Rs 2999 for 6 months and Rs 1999 for 3 month
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Market share of GOQii
According to a research fitness bands have dominated the India’s wearable market with 87.7% of the market share. Meanwhile smart wearables such as smart watches contributed to around 12.3%. GOQii led the market with 16.1% share in the April-June quarter. It recently launched a fitness band and integrating doctors and health services as part of its plans to establishing itself as a preventive healthcare company.
This is not the only big funding GOQii has received so far. Prior to this , it raised about $13.4 mn(INR 88 crores) led by New Enterprise Associates (NEA) and China-based Cheetah Mobile. In addition, it raised capital from Vijay Shekhar Sharma of Paytm and also from Neeraj Arora.