GOQii eyes US, Euro­pean mar­kets; to en­ter Ja­pan in part­ner­ship with Mit­sui

The Hindu Business Line - - IT & TELECOM - NAN­DANA JAMES

Smart wear­ables maker and health­care ser­vices provider GOQii plans to ex­pand into the US and Euro­pean mar­kets once it iden­ti­fies lo­cal partners.

The com­pany is also look­ing to di­ver­sify into mental health and cancer seg­ments, said Vishal Gon­dal, CEO and founder, GOQii.

Though In­dia re­mains its fo­cus area, the com­pany has also part­nered with Mit­sui — which re­cently made a ‘strate­gic in­vest­ment’ in the for­mer — for a foray into the Ja­panese mar­ket, its first over­seas ex­pan­sion, Gon­dal said.

In ad­di­tion to sell­ing wear­ables, GOQii also of­fers per­son­alised coach­ing, has an e-com­merce store fo­cussed on health, sched­ules health check-ups, of­fers a health locker, and runs a ‘GOQii Cash’ pro­gramme that re­wards ‘healthy be­hav­iour” with cash dis­counts and in­sur­ance deals based on health man­age­ment data.

The com­pany has a sub­scrip­tion model that pro­vides users ac­cess to spe­cific ser­vices. For ex­am­ple, the GOQii Vi­tal band that was launched in July comes with a three, six and 12 months sub­scrip­tion plan at ₹3,499, 4,999 and 5,999, re­spec­tively.

“GOQii is go­ing to be In­dia’s big­gest con­sumer health­care com­pany. It has a hun­dred per cent mar­ket share in the smart health­care seg­ment, be­cause there’s no­body else,” Gon­dal told Busi­nessLine.

The four-year-old com­pany, which is re­port­edly val­ued at $100-125 mil­lion, pro­vides ser­vices that in­te­grate main­te­nance and pre­ven­tive health­care, which Gon­dal termed ‘smart health’. The com­pany also plans to add al­most a mil­lion cus­tomers by the end of this fis­cal, and is tar­get­ing 10 mil­lion In­dian cus­tomers by 2020.

In In­dia, GOQii has the sec­ond largest mar­ket share in thewear­ables seg­ment af­ter

Xiaomi, ac­cord­ing to In­ter­na­tional Data

Cor­po­ra­tion. Gon­dal said that GOQii is much more than a wear­ables com­pany.

“But, this is also is a big thing for us be­cause we have not spent a dol­lar in mar­ket­ing and Xiaomi is the big­gest mo­bile phone com­pany. So, be­ing sec­ond to Xiaomi is also a com­pli­ment.” GOQii was started by Gon­dal who sold his first ven­ture In­di­aGames to Walt Dis­ney for around $100 mil­lion.

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