California-headquartered fitness technology company GOQii is looking to raise INR 13 Cr in debt from film production house Cape of Good Films.
According to the company’s filings with the Ministry of Corporate Affairs (MCA) accessed by Inc42, GOQii has received the consent of its board members to allot four debentures to Mumbai-based Cape of Good Films, at an issue price of INR 3.25 Cr per debenture, aggregating to a total amount of INR 13 Cr.
Cape of Good Films is a limited liability partnership (LLP) firm. The company’s designated partners are Vinod Kumar Arora and Rana Rakesh Pritam Parkash Bali. The production house is known for its association with Bollywood actor Akshay Kumar for several projects, the most recent of which were ‘Laxmii’ and ‘Good Newwz’. Interestingly, in 2019, Kumar also became the brand ambassador for the company.
Founded in 2014 by Vishal Gondal, GOQii began as a smart wearable that helped people track their steps, sleep, and other physical activities. Today, its Smart Fitness Tracker, powered by an integrated mobile app, consists of tools for real-time personalised coaching, a health ecommerce store, scheduling health checkups, and a health locker.
In December last year, GOQii announced its plans to go omnichannel for its next phase of growth. The company also introduced several new healthcare products and services, namely GOQii SmartWatch, Smart Scale, and a Smart Stride treadmill.
For its retail plans, GOQii has partnered with Compuage Infocom for distribution to reach 10K stores over the next 12 months. This is in addition to GOQii’s online presence through its own platform, Amazon, Flipkart and offline presence via Croma.
Among Indian fitness startups, GOQii competes with HealthifyMe, Cure.fit and Fittr among several others.
According to an Inc42 Plus report titled, “India’s Healthtech Landscape In a Post Covid-19 World”, within the preventive healthcare market, the contribution of fitness and wellness companies was around 58% of the total market size of around $80.7 Bn in 2019. Further, with the Covid-19 pandemic throwing a spanner on outdoor engagements, gym and workout sessions, virtual fitness apps have gained traction.