Smart wearable devices maker GOQii raises over $30 Mn led by Japan's Mitsui & Co

Vishal Gondal-led smart wearable device maker GOQii has raised around $30-35 million in a fresh funding round led by Japan's Mitsui & Co.

New investors Galaxy Digital and Denlow Investment Trust also participated in the round along with a long list of existing investors such as DSG Consumer Partners, NEA, Edelweiss Financial Services and Cheetah Mobile, Paytm's Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata.

With the latest fundraising, the Menlo Park and Mumbai-based startup is hovering around a valuation in the range of $100-125 million.

The four years old startup plans to enter the Japanese market and further, it will be working with the different companies in Mitsui Group’s portfolio across India, Japan and Malaysia, reports ET.

Besides, GOQii will also work with Mitsui to launch a local chain in the land of the rising Sun.

Started out as a health wristband company in 2014 by Gondal, GOQii has deployed a dedicated set of health and lifestyle professionals who can help you achieve your health goals and address your lifestyle-related health issues. It offers subscription models for quarterly and yearly packages.

With over 1 million paid users on its platform, the startup aims to increase its subscriber base by 10X over the next three years.

Earlier, the startup had raised $13.4 million in Series A funding round led by NEA and Cheetah with additional support from GWC, DSG, Ilkka Paananen and Pravin Gandhi.

Neeraj Arora, business development head at WhatsApp also made an undisclosed investment in the startup in 2014.

For the financial year ended on March 31, 2018,  GOQii reported a marginal growth in its revenue to Rs 11.43 crore while losses rose by 24 per cent to Rs 19.63 crore.

The IoT and smart wearable space has been dominated by major players like Apple, Samsung, Fitbit, Xiaomi, and Titan. Other key players in the segment include Leaf Wearables, MyZone, Witworks, among others.