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GOQii Inc, a smart tech-enabled healthcare platform, received its Series C funding round of $50 million led by Sumeru Ventures. Its offerings include fitness tracker, app, coaching, healthstore, insurance and many others. The company sees that preventive healthcare is the only viable, long-term, mass-market solution, not only in India but around the world. .
The company has raised funding across equity, preference shares, notes and debt. The equity round was led by Sumeru Ventures. Modality (Digality), an award winning provider of primary health care and community services across the UK, also participated. Other investors included 9 Unicorns, Venture Catalysts, funds advised by MegaDelta, Mitsui, The Times Group, Ascendo, Akbar Khan and Sanjay Narang. The venture debt funding was led by Blacksoil Capital and Trifecta Capital.
The company’s existing investors include Mitsui, funds advised by MegaDelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Ratan Tata, Vijay Shekhar Sharma, Pravin Gandhi, Amit Singhal. The funding would help GOQii not only strengthen its current offerings but also expand in insurance, digital therapeutics and international markets. .
Vishal Gondal, Founder and CEO, said “We are delighted to onboard Sumeru Ventures and all other investors. GOQii has been a pioneer in the connected health ecosystem in India. We are strong believers in the positive impact preventive healthcare technology. .
Saumen Chakraborty, managing director at Sumeru Venture, commented on the transaction “We are delighted to invest in GOQii and join this shared journey of positive impact making. Health is a fundamental need which cannot be met with the traditional curative infrastructure alone. GOQii has been a significant contributor to the preventive healthcare ecosystem in India. We are confident that this funding round would help GOQii scale it to further heights.”
GOQii recently also made senior level additions to its team. Last year it hired Rohit Pareek, a senior investment banker, as CFO and head corporate development. Rohit has previously worked with Jefferies, JM Financial and The Times Group.
It has been the first official partner of the Fit India Movement. It would use the funding to grow the insurance and digital therapeutics vertical in India. The solutions would be first of its kind offerings taking the benefits of digital health to a large section of the population. The insurance product would reward users for healthy behaviour by way of a health insurance. It is also targeting several therapeutic areas across diabetes, women's health, radiology, etc. through its digital therapeutics offerings. It is also set to launch its international offerings focusing on various solutions around preventive healthcare.
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