California-based fitness technology venture GOQii, said it has raised $13.4 million (about Rs 89 crore) in Series A funding round. The investment was led by venture capital firm New Enterprise Associates (NEA) along with participation from leading mobile application developer Cheetah Mobile Inc, Great Wall Club (GWC), DSG Consumer Partners. The round also saw participation from investor and entrepreneur Pravin Gandhi, Ilkka Paananen, CEO & Co- founder of Finnish gaming start-up Supercell.
The fund raised will be used to further accelerate GOQii growth and expansion to new markets globally.
“We are a category defining player, that of services that can be delivered on Wearables platform. 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 US”, said Vishal Gondal, founder and CEO, GOQii.
The company founded by Vishal Gondal offers a wearable technology like a fitness band paired with personalized coaching and expert advice. Mr Gondal started this venture after his former venture Indiagames was acquired by Disney in 2011 for around $100 million. GOQii became commercially available in India in August 2014.
According to data from IDC 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 shipment is expected to reach 173.4 million units, resulting in a five-year compound annual growth rate (CAGR) of 22.9 per cent.
The company has offices in Mumbai and Shenzhen.
