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