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GOQii raises funds from Mitsui & Co in a Series B round, to enter Japan

Wearables and fitness tracker startup GOQii will now enter Japan, with a Series B funding round led by Japanese company Mitsui & Co, along with blockchain-centric merchant bank Galaxy Digital, and Denlow Investment Trust. Existing investors NEA, DSG Consumer Partners, Paytm CEO Vijay Shekhar Sharma and Ratan Tata also participated in the round; Trifecta Capital provided debt fund.

The company did not disclose the amount of funding, but an ET report pegs it to be between $30-35 million. Apart from the Japan expansion, the funding will also be used to expand further in India, to hire more people, and marketing. The company will also work on its big data analytics and AI. Japan is a potential market for GOQii as it has a rapidly ageing population, according to a statement.

GOQii offers two fitness bands, one for tracking heart rate, and another for tracking blood pressure and heart rate. Additionally, the bands can also track other fitness metrics like exercise log, calories burnt, steps, active hours and sleep patterns. GOQii Vitals fitness band also offers paid health plans with subscriptions for 3, 6 and 12 months. Its smart shoes and fitness tracker GOQii Stride is sold exclusively on Flipkart.

GOQii’s services

  • GOQii provides health insurance in partnership with Max Bupa Health Insurance and Swiss Re.
  • It launched services in the UK in partnership with Modality.
  • Health locker for cloud storage of health records and test results, which can also be shared with the individual’s doctor or coach
  • GOQii Referee is an AI based feature with can scan food items and get a nutrition scale
  • GOQii Arena is an online social platform for users to connect with one another
  • Diagnostic services in partnership with Thyrocare, and NFC payments in partnership with Axis Bank
  • It runs a rewards program for healthy behavior — say for completing 70,000 steps or for meeting weekly targets or goals — with cashbacks and points

Previous funding

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