Goqii raises $30m in Series B round

Goqii Inc, a wearable manufacturing startup founded by Vishal Gondal, on Monday raised over $30 million (about Rs 212 crore) in the series B round.

The funding is led by Japanese healthcare investor Mitsui & Co Ltd (Mitsui) and will be used for Goqii's overseas market expansion, especially in Japan, over the next 12-18 months.

As per the agreement, Mitsui and Goquii agreed for joint collaboration. The round also saw the addition of several new investors including Galaxy Digital, a leading blockchain merchant bank, and Denlow Investment Trust, a leading LP in several consumer and tech focused funds globally.

Goqii also received investment from its current other investors like NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata.

Commenting on the funding, Goqii Inc Founder Vishal Gondal said the company has been validating the platform for the past few years and forging partnerships with global insurance and healthcare providers.

"We are very excited to partner with Mitsui to drive the next phase of our growth. There are several areas of potential collaboration and our respective teams will drive an aggressive roadmap to deliver our goal of reimagining healthcare clobally," he said.

Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui, said the investment is an important step in achieving the company's vision of being Asia’s No 1 healthcare ecosystem.

"Goqii’s product offering is highly complementary to our portfolio of healthcare investments in India and globally and we see several areas of immediate collaboration between us and Goqii. As healthcare systems evolve across the globe, addition of an online preventive healthcare platform, ensures that Mitsui is present across the healthcare value chain," said Nagatomi.

Nagatomi said Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today’s Japanese society.

"Upon Goqii’s entry into the Japanese market, we will seek cooperation between Goqii and our affiliated companies to realise our ambitions," said Nagatomi.