Menlo Park and Mumbai-based technology company GOQii Inc. is reported to have raised more than $30 million (approx. Rs 212 crore) in its most recent equity financing round, as it seeks entry into the Japanese and other overseas markets over the coming 12 to 18 months. After this round, the wearable devices maker is now valued at about $100 to $125 million.
As per reliable sources, this funding round, which is estimated to be at $30 to 35 million, was led by Mitsui & Co, a Japanese conglomerate. Crypto investment firm Galaxy Digital along with Denlow Investment Trust also entered the investor cap table of GOQii.
Further from the sources, existing investors that participated in the financing round are Cheetah Mobile, Edelweiss Financial Services, NEA and DSG Consumer Partners; along with Tata Group chairman emeritus Ratan Tata and Paytm founder Vijay Shekhar Sharma, both early backers of the venture. The financial adviser of GOQii for this transaction was GCA Corporation.
Chief Executive of GOQii, Vishal Gondal, affirmed the developments though he refused to give out exact details due to confidentiality agreements. He mentioned that the firm seeks to enter Japan in the coming year and would work comprehensively with an active investor in the global healthcare space, Mitsui & Co., for establishing its footprints in the country.
Gondal quoted that there would be a number of synergies with the Mitsui Group, in India and outside. GOQii would be working with various firms in the portfolio of Mitsui Group across India, Malaysia and Japan down the line.
Gondal further said that Japan is among the largest insurance markets across the globe, along with being a very mature market. GOQii would work with Mitsui for launching a local chain in Japan, as part of the deal.
For the record, the domestic arm of GOQii Inc., GOQii Technologies Pvt. Ltd., had reported total revenue of Rs 11.43 crore for the financial year ended March 31, 2018. These numbers were slightly up from Rs 11.06 crore recorded in the previous fiscal year.