[Funding alert] Wearable tech startup GOQii raises Rs 13.81 Cr from its parent entity

The company has issued 16,183 equity shares to GOQii Inc, at a premium value of Rs 8,525 per share, on July 19.

Mumbai and Palo Alto-based wearable tech startup GOQii has raised Rs 13.81 crore in fresh funding from its parent entity, according to RoC filings accessed by YourStory.

As per the filing, the company has issued 16,183 equity shares to GOQii Inc, at a premium value of Rs 8,525 per share, on July 19.

Last month, Bollywood actor and health icon Akshay Kumar had invested an undisclosed amount as part of Series C funding in GOQii. The actor has joined the company's board as the strategic advisor, partner, and brand ambassador. 

According to reports, the company is in talks with multiple parties to raise $50-70 million in its Series C round of equity financing. 

Vishal Gondal, Founder and CEO, GOQii

In November 2018, it also received $30 million in Series B round led by Mitsui, a Japanese conglomerate and an active healthcare investor. The round also saw participation from other investors like Denlow Investment Trust, a leading LP in consumer and tech-focussed global funds, and Galaxy Digital, a leading blockchain merchant bank that invests through Galaxy EOS VC fund.

GOQii had recently launched over the top platform GOQii Play in March that has a wide range of fitness workouts, marathon training coaching and talk shows on diverse topics such as mental and emotional health, parenting, sexual health, lifestyle disease management and more.

The platform has live shows on more than 15 different fitness workouts ranging from pure fitness and functional training to pilates, piloxing, belly dance fitness, zumba, yoga, and more. Its content is available in English, Hindi, and Telugu, and more local languages are in the pipeline.

Its investor Akshay Kumar will also be conducting live coaching sessions on GOQii Play, the company recently said, and will also host one of the biggest health education initiatives called the ‘India Health Quiz’ on the health and fitness live OTT platform.

Founded in 2014 by serial entrepreneur Vishal Gondal, GOQii's wearable fitness band helps people track their steps, sleep, and other physical activities, and aims at making their lives healthier and happier.

(Edited by Evelyn Ratnakumar)