Health is wealth for India’s Goqii – The Executive Brief

This is The Executive Brief, an exclusive for our paying subscribers. Informative and witty, it gives you everything you need to know to start your day. Choose the Daily Newsletter option to get it delivered to your inbox or read it right here on our site.

Hello reader,

In the 2001 film Bridget Jones’s Diary, the titular character tracks her calorie intake, her alcohol consumption, and how many cigarettes she’s smoked in her diary, penning these down along with her thoughts. The film came out just over 20 years ago, and the world has changed tremendously since then.

If we’re counting calories or tracking our drinking, there are a plethora of apps out in the market for that. From healthtech wearables to fitness apps, the way we understand and manage our health has transformed significantly – and India-based health startup Goqii is one of the up-and-coming players in this space.

Today we look at:

• Why Goqii is on the up and up
• What fresh funding will do for Funding Societies
• Other newsy highlights such as layoffs at Didi as well as Bezos Expedition’s latest investment in Indonesia

Premium summary

Go go, Goqii!

Image credit: Timmy Loen

Some say health is wealth. For India-based startup Goqii, health has been an opportunity for growth. The startup recently raised US$50 million in a series C round led by Sumeru Ventures, a global VC firm, to help it on its journey.

• Get healthy: Founded in 2014 by Vishal Gondal, who previously served as a managing director at The Walt Disney Company, Goqii offers a wide range of health-focused services that include wearable fitness bands, personalized remote coaching, and diagnostics.

• Let’s grow: The recent fundraise will fuel Goqii’s expansion into other markets in Asia and the US through partnerships with insurance, healthcare, or independent service providers. Heightened competition in the healthcare sector may be why the firm is doubling down on its insurance offerings, creating a 360-degree approach to healthcare.

• On the upward trajectory: It’s exciting times for Goqii – the firm is doing well, having seen its revenue increase by 250% since the start of the pandemic. It aims to have 2 million monthly active users by the end of 2022, see US$100 million in revenue in the next 18 to 24 months, and make its stock market debut within the next year and a half.

Read more: Exclusive: India’s Goqii bags $50m series C money for SEA launch

Startup spotlight

All about that money