GOQii raises $50 million Series C Funding from Sumeru Ventures, Modality and others for expansion across insurance, digital therapeutics and international markets
- Funding raised across equity preference share, notes & debt
- Funding to grow the insurance and digital therapeutics vertical in India
- Funding to also expand in international markets
GOQii Inc announced its Series C funding round of $50 million led by Sumeru Ventures. GOQii is a smart tech-enabled healthcare platform that brings together the entire preventive healthcare ecosystem to its users. GOQii’s offerings include fitness trackers, app, coaching, a health store, insurance and many others. GOQii strongly believes that preventive healthcare is the only viable, long-term, mass-market solution, not only in India but around the world.
The company has raised funding across equity, preference shares, notes and debt. The equity round was led by Sumeru Ventures. Sumeru Ventures is a global fund with a focus on next generation technology areas.
Modality (Digality), an award winning provider of primary health care and community services 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. The venture debt funding was led by Blacksoil Capital and Trifecta Capital.
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.
Vishal Gondal, Founder and CEO, said “We are delighted to onboard Sumeru Ventures and all other investors. GOQii has been a pioneer in the connected health ecosystem in India. We are strong believers in the positive impact preventive healthcare technology can create in the lives of millions of people in India and globally. 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.”
Saumen Chakraborty, Managing Director at Sumeru Venture, commented on the transaction “We are delighted to invest in GOQii and join this shared journey of positive impact making. Health is a fundamental need which can not be met with the traditional curative infrastructure alone. GOQii has been a significant contributor to the preventive healthcare ecosystem in India. We are confident that this funding round would help GOQii scale it to further heights.”
GOQii recently also made senior level additions to 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.
GOQii has been at the forefront of creating awareness about preventive healthcare in India. GOQii has been the first official partner of the Fit India Movement. GOQii’s solutions have benefited millions of customers to manage as well as avoid chronic health conditions by inculcating healthy lifestyle changes.
GOQii would use the funding to grow the insurance and digital therapeutics vertical in India. The solutions would be first of its kind offerings taking the benefits of digital health to a large section of the population. The insurance product would reward users for healthy behaviour by way of a health insurance. GOQii is also targeting several therapeutic areas across diabetes, women’s health, radiology, etc. through its digital therapeutics offerings.
GOQii is also set to launch its international offerings focusing on various solutions around preventive healthcare.
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