Indian Startup Brand, GOQii Is All Set To Aid Japan’s Healthcare Market
Indian startup, GOQii is a California-based fitness technology venture in Menlo park that offers a wearable fitness band, paired with remote personalized coaching. Vishal Gondal, founder of the company had also pioneered India games and sold it to Disney later in 2014.
The company has offices in Mumbai, India, Shenzhen, China and Japan on its radar at the moment. It also has plans to expand to the Middle East and Singapore in the near future
“There will be multiple synergies with the Mitsui Group, within and outside India… We will be working with the different companies in Mitsui Group’s portfolio across India, Japan and Malaysia down the line,” Gondal told ET.
Lets Talk Numbers – GOQii In Japan
In an earlier conversation with ET, Gondal, 42, had stated that GOQii had targeted having 10 million paid users in India over the next 36 months. The company currently has about 1 million paid users on its platform.
For the financial year that ended on March 31st, 2018, GOQii Technologies Pvt Ltd, the domestic arm of GOQii Inc., reported a total revenue of Rs 11.43 crore, marginally up from Rs 11.06 crore in the previous fiscal year. Its loss increased by about 24% to Rs 19.63 crore, as per regulatory filings sourced from business signals provider Paper.vc.
GOQii’s Japanese Potential
The healthcare industry is growing rapidly, thanks to the ever-increasing spending. Consumers are investing more in wearables and wellness programs and that is giving rise to a steady number of companies bringing in health services at the tip of a finger. California-based GOQii takes the lead when it comes to startups making a difference beyond borders. The healthcare startup recently raised $30 million in a Series B round of funding led by Mitsui & Co, one of Japan’s largest conglomerates and most active healthcare investors globally.
With its ageing population and focus on preventive healthcare, Japan is a ripe market for the entry of players like GOQii. The recent funding will enable the startup to penetrate further across India to mark its entry into Japan. Along with the investment, the two parties have also agreed for joint collaboration. The round also saw the addition of several new investors including Galaxy Digital, a leading blockchain merchant bank and Denlow Investment Trust, a leading limited partner (LP) in several consumer and tech-focused funds globally. Existing investors like NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata also participated in this round of funding.
Extended Arm To Japan’s Healthcare Industry
Mitsui has one of the largest healthcare-related portfolios globally including investments spanning hospitals, pharmaceuticals, medical devices and dialysis clinics. The firm’s goal is to provide safe, secure and convenient services and enable the healthy lifestyles people deserve.
Koji Nagatomi, chief operating officer of the Healthcare & Service Business Unit of Mitsui, believes this investment is an important step in achieving company’s 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 them achieve its vision and ambitions,” he said.