This healthtech company plans to grow in the preventive healthcare space; eyes $100M revenue
Founded in 2014, GOQii Smart Healthcare is an Indian fitness technology company headquartered in California, United States and is establishing its name in the growing preventive healthcare space.
In a conversation with YourStory’s Daily Dispatch, Vishal Gondal, Founder and CEO, GOQii Smart Healthcare says that the pandemic has given a boost to the preventive healthcare space. Every person has now become aware of the importance of immunity. Immunity needs to be developed by working on one’s nutrition, health, and cognition. In the last 12-18 months,saw massive growth in preventive healthcare services as people become more conscious.
Vishal adds that now, people are more concerned about their vital parameters: blood oxygen level, body temperature, blood pressure, heart rate, etc. In such a situation, GOQii went ahead and got all their devices certified by the CDSCO (Central Drugs Standard Control Organisation).
“Clearly we have seen that devices with all the key vital parameters have been in demand,” says Vishal.
According to Indian Brand Equity Foudation (IBEF) report, the Indian Heathcare market is expected to reach to a size of $133.44 billion by 2022.
He mentions that GOQii is going to massively scale its consumer business. The company will be launching more products, along with plans and packages around different diseases such as diabetes and heart diseases. “While COVID-19 may go at some point in time, more viruses could come in the future so everybody needs to start taking care of their health,” he says.
Thus, the two important focus segments for the company is disease management and consumers. In addition to that, the company is planning on expanding to the UK, South East Asia and other western markets in the future.
Vishal says that unlike traditional players, is easier for GOQii to scale as it has a real business model in place with real consumers, products, and services with strong unit economics. “It’s about how can I get to a billion people as consumers?” he says. The company plans to become aggressive on direct-to-consumer (D2C) offerings. However, right now, it is looking to raise $50-75 million.
Additionally, he mentions that the company recently announced the launch of their product, GOQii Smart Stride, which is a connected treadmill. The company is also working with their partner Essentia on the blood glucose monitoring space. GOQii plans to dive deep into the medical space by integrating with medical devices. In the exercise space, the company is getting into the home fitness category as well.
Vishal explains that the company will be exploring the retail market as and when it opens up. As of now, 90 percent of GOQii’s products and services are available online. “We don’t really have a physical offering unlike other players so we are a completely virtual company,” he says.
He adds that the company is looking to hit a $100 million revenue mark in the next 18-24 months and that is their primary revenue target. The revenues are expected to largely come from India. Lastly, from an overall target perspective, GOQii’s main focus is on “How can we make people live longer?”
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