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GOQii secures funding from Ratan Tata

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Fitness and wearable band maker GOQii has secured an undisclosed amount of funding from Ratan Tata, reports YourStory. The funding comes on the heels of GOQii surpassing Xiaomi as the top wearables vendor in India with a 16% market share.

GOQii previously raised funding worth $13.2 million led by New Enterprise Associates and Cheetah Mobile and with participation from other investors in November last year. At the time the company mentioned that it would use the funds to expand to China and other unnamed markets. It had also secured separate investments from Paytm founder Vijay Shekhar Sharma, former WhatsApp business head Neeraj Arora and Amazon Web Services VP Marco Argenti.

Vishal Gondal, founder of GOQii, launched the fitness tracking solution coupled with human coaches in February 2014 and the fitness solution in August 2014 in India. The app integrates with 35 other fitness bands like Jawbone, Fitbit, Garmin, Moov, Misfit and Sony. It currently employs 100 people and claims to have 1,000 fitness coaches in the US, the Middle East and India. It also claims to have 100,000 users on the platform. As of now, the company has offices in the US and in China, other than India.

GOQii has been aggressively pushing the fitness band category in India and recently launched the GOQii band 2.0. The band comes with a GOQii Life Program that provides payments via NFC, health reports and diagnostics on subscription basis starting from Rs 1999. More here.

Competition: GOQii competes with Fitbit, Jawbone, Basis, Moov, Garmin Vivofit, Mi Band and Sony Smartband among others. However, GOQii’s USP is its coach marketplace model. Launched in March last year, users can use the feature to hire coaches irrespective of their location. Most of the fitness trackers available aren’t paired with human coaches, but there are several other coaching programs available in the market. In July, healthcare startup CureFit, raised $15 million for a service that’s similar to GOQii.

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