Friday, March 1

Tech Firm GOQii Raises $30 million in Equity Funding Round

GOQii Inc, a wearable devices maker has reportedly raised an amount of $30 million (about Rs 212 crore) in its latest equity financing round. The company is based in Menlo Park and Mumbai and is looking to enter into the overseas markets over the next 12-18 months.

The funding was led by Japanese conglomerate Mitsui & Co. The particular round also saw participation from crypto investment firm Galaxy Digital and Denlow Investment Trust.

Following this funding round, the valuation of the four-year-old startup has reached $100-125 million. Existing investors DSG Consumer Partners, NEA, Edelweiss Financial Services and Cheetah Mobile also participated in the financing round. Also, businessmen like Paytm founder Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata also participated.

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

For the financial year ended March 31, 2018, 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.