[Funding alert] GOQii nets $50M in Series C, aims to ramp up insurance, digital therapeutics vertical
Inc on Wednesday said that it raised $50 million in a Series C funding round, which was led by Sumeru Ventures.
The company raised the funding across equity, preference shares, notes, and debt. The equity round was led by Sumeru Ventures and the venture debt funding was led by Blacksoil Capital and Trifecta Capital.
Modality (Digality), a primary health care and community services provider 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.
GOQii had previously told YourStory that it is looking to raise $50-75 million and hit a $100 million revenue mark in the next 18-24 months.
The startup competes with wearable brands like Fitbit and healthtech startups, including dacadoo GO, HealthifyMe, among others.
Founded in 2014 by Vishal Gondal and headquartered in California with offices in Mumbai, GOQii is a smart-tech-enabled healthcare platform that brings together the entire preventive healthcare ecosystem to its users. GOQii’s offerings include fitness tracker, app, coaching, healthstore, insurance and many others.
GOQii, in a statement, said it will use the fresh capital to grow the insurance and digital therapeutics vertical in India. The solutions, the startup says, would be first of its kind offerings taking the benefits of digital health to a large section of the population.
According to the company, its insurance product will reward users for healthy behaviour by way of health insurance. GOQii is also targeting several therapeutic areas across diabetes, women's health, radiology, etc. through its digital therapeutics offerings.
Vishal Gondal, Founder and CEO, said,
“This funding round would help GOQii not only strengthen its current offerings but also expand in insurance, digital therapeutics and international markets, where the foundation has already been built by us over the years.”
GOQii’s existing investors include Mitsui, funds advised by MegaDelta, DSG Consumer Partners, Galaxy Digital, Denlow Investment Trust, Edelweiss, Cheetah Mobile, GWC, Mr. Ratan Tata, Mr. Vijay Shekhar Sharma, Mr. Pravin Gandhi, Mr. Amit Singhal.
Sumeru Ventures is a global fund with a focus on next-generation technology areas.
Separately, GOQii has been ramping up 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.