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India’s wearables maker GOQii gets US$13.4M led by Cheetah Mobile, NEA

Goqii

DSG Consumer Partners, Great Wall Club, Supercell’s Ilkka Paananen and Seedfund’s Pravin Gandhi also co-invested

GOQii, an Indian startup offering IoT-based wearable fitness tracking devices, has raised US$13.4 million in Series A round of funding led by New Enterprise Associates (NEA) and Chinese company Cheetah Mobile, according to a press release.

Singapore-based VC fund DSG Consumer Partners, along with Great Wall Club (a consortium of Chinese and American investors) and Ilkka Paananen (CEO and Co-founder of Finnish mobile gaming startup Supercell), besides Seedfund’s Co-founder Pravin Gandhi, also co-invested in the round.

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Cheetah’s investment will help GOQii to expand in China. Additionally, the firm plans to offer its products on Xiaomi (Cheetah Mobile Chairman Jun Lei is also Founder of Xiaomi).

“Our bands-agnostic approach and virtual delivery model has received tremendous reception globally, and we are now planning to replicate this success in key markets of China and the US,” said Vishal Gondal, CEO of GOQii.

GOQii, which also has offices in California and Shenzhen (China), in addition to Mumbai, has previously raised an undisclosed sum in funding from Vijay Shekhar Sharma, Founder and CEO m-commerce giant Paytm, in July this year.

The startup was set up in 2013 by Gondal, Founder of Indiagames, a video game development and publishing company.

GOQii offers a combination of wearable technology, expert-led personalised coaching and elements ‘karma’ to enable its users to make a permanent shift to a healthier lifestyle.

For the same, it focuses on sustained engagement and goal reinforcement. It offers a complete ecosystem as a single integrated solution, which is a combination of technology and human connection.

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The company claims to have around 100,000 users of its platform.

The startup’s other investors include Amit Singhal (Google), Anil Godhwani (Habitera), Bharat Vasan (MyBasis), Shriram Nene, Esther Dyson, Goutam Godhwani (Simply Hired), Kanwaljit Bombra (Dell), Madhuri Dixit-Nene (Bollywood Actress), Mahesh Samat (Epic), Mike McNamara (Flextronics), Prashant Gulati(TiE), Sanjay Parthasarthy (Indix), Sanjay Vaswani, Steve Luczo (Segate), Taher Khorakiwala and Vijay Vashee (Microsoft).

“Wearables are now here. GOQii has pioneered the leveraging of the data from wearables to deliver a very valuable service to its users to make a positive change to their lifestyle and wellness,” said Deepak Shahdadpuri of DSGP.

The International Data Corporation (IDC) Worldwide Quarterly predicts that wearable device shipments will reach 76.1 million units in 2015, up 163.6 per cent from the 28.9 million units shipped in 2014. By 2019, worldwide shipments is expected to reach 173.4 million units, resulting in a five-year compound annual growth rate (CAGR) of 22.9 per cent.

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