GOQii raises $30M-$35M funding led by Mitsui & Co, may enter Japan next year Wearable devices maker GOQii Inc has raised over $ million (about Rs 212 crore) in its latest equity financing round, as the Menlo Park and Mumbai-based company eyes entering overseas markets over the next 12-18 months.

The funding, estimated at $30-35 million, was led by Japanese conglomerate Mitsui & Co, with crypto investment firm Galaxy Digital and Denlow Investment Trust also entering GOQii’s investor cap table, according to sources briefed on the development.

The investment values the four--old venture at $100-125 million, the sources said. ET could not independently verify this.

Existing investors DSG Consumer Partners, NEA, Edelweiss Financial Services and Cheetah Mobile also participated in the financing round, as did Paytm founder Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata, both early backers of the company.

GCA Corporation was GOQii’s financial adviser in the transaction, sources said.

Vishal Gondal, chief executive of GOQii, confirmed the developments but declined to share specific details citing confidentiality agreements.

Gondal said the company is looking to Japan next year and would work extensively with Mitsui & Co, an active investor in the broader healthcare space globally, to establish its footprints in Asia’s second-largest economy.

“There will be multiple synergies with the Mitsui Group, within and outside India… We will be working with the different companies in Mitsui Group’s portfolio across India, Japan and Malaysia down the line,” Gondal told ET.

“Japan is a very mature market, along with being one of the largest insurance markets in the … As part of the deal, we will be working with Mitsui to launch a local chain in Japan,” Gondal said.

Mitsui & Co has made a clutch of investments in India’s traditional healthcare industry, having previously backed hospital chains Columbia Asia and IHH, which acquired Fortis Healthcare this year. The investment in GOQii is its first in the wearables and technology-focused preventive healthcare solutions space.

GOQii is Gondal’s second . He had earlier founded online and mobile gaming company IndiaGames, which he sold to Walt Disney in 2011 in a deal valued at $80-100 million.

In an earlier conversation with ET, Gondal, 42, had stated that GOQii had targeted having 10 million paid users in India over the next 36 months. The company currently has about 1 million paid users on its platform.

For the financial year ended March 31, , GOQii Technologies Pvt Ltd, the domestic arm of GOQii Inc., reported total revenue of Rs 11.43 crore, marginally up from Rs 11.06 crore in the previous fiscal year. Its loss increased by about 24% to Rs 19.63 crore.



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