Vishal Gondal Led GOQii Secures $50 Mn In Series C Led By Sumeru Ventures

California-headquartered healthcare startup GOQii Inc has raised $50 Mn in its Series C round of funding led by Sumeru Ventures. The round also saw participation from Modality, Mitsui, The Times Group, Ascendo, Sanjay Narang among others.

The round was a mix of equity and debt. While the equity round was led by Sumeru Ventures, Blacksoil and Trifecta led the debt round. 

The startup would use the funding to grow the insurance and digital therapeutics vertical in India. It claims these solutions would be first of its kind offerings taking the benefits of digital health to a large section of the population. 

The insurance product would reward users for healthy behaviour by way of a health insurance. GOQii is also targeting several therapeutic areas across diabetes, women’s health, radiology, etc. through its digital therapeutics offerings.

The startup is also looking to launch its international offerings focusing on preventive healthcare. 

Founded in 2014 by Vishal Gondal, GOQii is a smart-tech-enabled healthcare platform that claims to bring together the entire preventive healthcare ecosystem. It’s Smart Health ecosystem integrates tools for real-time personalised coaching, a health ecommerce store, scheduling health checkups, a health locker, and a unique ‘GOQii Cash’ program where healthy behaviour is rewarded with cash discounts and insurance discounts based on health management data. 

The startup in 2019 had raised an undisclosed amount from Bollywood actor Akshay Kumar. Prior to that it had raised undisclosed funds from Japan’s Mitsui in 2018. Earlier this year, GOQii had also hired Rohit Pareek as its CFO and head, corporate development.  

The startup counts  DSG Consumer Partners, Galaxy Digital, Denlow Investment, Edelweiss, Cheetah Mobile, and GWC. Ratan Tata, Vijay Shekhar Sharma, and Amit Singhal have also invested in the startup.

In India, GOQii competes against the likes of Cure.fit, HealthifyMe, and Fittr, among others. 

As per an Inc42 report, the healthtech sector received $2.2 Bn funding across 131 deals in 2021. There were 3,548 active startups in the healthtech space in 2021, accounting for 8.9% of the startup world that comprises 39,960 companies.