Besides Apple, Samsung, Fitbit, Xiaomi, and Titan, only a few startups in smart wearable segment have been able to make a dent in the Indian market.
Among these, Vishal Gondal-led GOQii has been successful to some extent. Apart from wearable devices, the firm has also been ramping up an OTT play in the fitness segment.
To scale up a new vertical, the Mumbai-based startup has raised Rs 13.81 crore fresh funds from its parent entity. According to RoC filings with MCA, it has raised this investment by issuing 6183 equity shares costing Rs 8,535 per share from its parent entity Goqii inc on July 19.
This is not the only small tranche of funding for GOQii. This year itself, it had raised an investment of Rs 16.42 crore between April to June and before that, it had picked up around $1 million between October 2018 to March 2019.
Recently, fitness freak and Bollywood actor Akshay Kumar also joined GOQii’s ongoing Series C funding round. Backed by the likes of Mitsui & Co, DSG Consumer Partners, and personal investors such as Vijay Shekhar Sharma, Ratan Tata and Niraj Arora, GOQii is aiming at a $50-70 million in Series C round.
Besides, a number of insurance and healthcare companies may also put in strategic money in the startup.
Started out as a healthcare focussed wristband seller in 2014, GOQii offers a gamut of fitness products under its wearable fitness band. These devices are paired with remote personalized coaching that collects the user’s activity and sleeps data to guide him/her towards their health and fitness goals.
In March, GOQii had 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 the subscription plans offered by GOQii.
Apart from GOQii, Leaf Wearables, MyZone, Witworks, among others are some notable players in this space.