GOQii

GOQii launches OTT platform GOQii Play; secures $1 Mn fresh fund from US entity

GOQii

Fitness and preventive healthcare-focused firm GOQii has launched over the top platform GOQii Play. The platform is a native feature inside the app and helps users to connect with a fitness coach, instructor. It comes as a bundled feature with a subscription of GOQii.

Selected professionals can feature videos to GOQii subscribers. Entrackr has seen the contents which largely pass on interesting exercise routines like 20 minutes workout during office hours, best posture exercises for running and tips for marathon amongst others.

With GOQii Play, the firm is eyeing engage users and claim more time on the app. It also gives an edge to the Mumbai-based company over competitors – Xiaomi and Curefit.

“The company is also raising money by positioning GOQii Play as a core product. It’s in conversation with Chinese and US-based investors for next round,” said two sources familiar with the funding talks. They requested anonymity as the discussion is private.

Given that the consumption of premium content has gradually been rising, Vishal Gondal’s strategy to bundled with fitness bands and health monitoring app appears well timed.

“Emphasis on premium content is seemingly a more fundable proposition at the moment as over the past couple of years earning professionals and millennials have shown keenness towards paid content in genres like entertainment, news, and lifestyle. It looks like a smart move for GOQii to launch an OTT,” outlined the aforementioned sources.

Entrackr has sent queries to GOQii and we will update the post as response comes in.

Meanwhile, it had raised about Rs 16 crore in a mix of equity and debt round since October last year. In early February, the company had received Rs 7.05 crore infusion from the US-based entity – GOQii Inc. Additionally, it also scored Rs 7 crore debentures from Trifecta Capital across two tranches in October and November 2018.

GOQii had announced $30-35 million in a fresh funding round led by Mitsui & Co. However, the company is yet to allot any share to the Japenese investor.  Mitsui & Co may have been allotted share in the US-based entity.

While GOQii Play seems to be a complementary integration to existing offerings (combination of devices and fitness and routine tracking via app), it would be interesting to see how it helps the Gondal-led company to rake in more funds and stay ahead of the competition.

GOQii

GOQii launches OTT platform GOQii Play; secures $1 Mn fresh fund from US entity

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