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Kul Bhushan · · 5 min readExclusive: India’s Goqii bags $50m series C money for SEA launch
Goqii, a tech-enabled healthcare platform based in India, told Tech in Asia that it has raised US$50 million in a series C round led by Sumeru Ventures, a global VC firm.
Other participants in the round include Modality, 9Unicorns, Venture Catalysts, Mitsui, The Times Group, and Ascendo, as well as a clutch of angel investors.
The fundraise also includes venture debt funding, which was led by Blacksoil Capital and Trifecta Capital.
(From left) Goqii founder Vishal Gondal and Tata Group chairman emeritus Ratan Tata / Photo credit: Vishal Gondal
Goqii, which is also backed by Paytm founder Vijay Shekhar Sharma and Tata Group chairman emeritus Ratan Tata, last raised an undisclosed sum in November 2018 in a round led by Mitsui.
The startup offers a wide range of health-focused services that include wearable fitness bands, personalized remote coaching, and diagnostics.
Goqii was founded in 2014 by Vishal Gondal, who previously served as a managing director at The Walt Disney Company. His first startup, IndiaGames, was acquired in 2012 by DisneyUTV Digital, a subsidiary of The Walt Disney Company India. He is also a well-known angel investor in the Indian startup space.
SEA expansion on the cards
Gondal told Tech in Asia that the company will soon enter the Southeast Asian market. It plans to start offering its services through local partnerships in Singapore, Malaysia, and Indonesia by the end of the year.
Outside Southeast Asia, Goqii is eyeing Japan and the US.
Gondal revealed that the company’s strategy will be to identify partners – which could be insurance, healthcare, or independent service providers – to roll out in the markets mentioned above. He added that the company will also tailor its solutions for these markets.
Goqii is banking on its deep experience in the healthcare space as its target markets have demographics facing lifestyle-related health issues such as diabetes.
It is worth noting that Singapore, Malaysia, and Indonesia all have sizable healthcare industries. The healthcare market in Singapore is expected to grow to US$49.4 billion by 2029. Meanwhile, the healthcare industries of Indonesia and Malaysia generated revenues worth US$41.2 billion and US$14 billion, respectively, in 2020.
Team Goqii/Photo credit: Goqii
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The company will soon expand its services to Singapore, Malaysia, and Indonesia.
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