Preventive healthcare co GOQii raises undisclosed funds in Mitsui-led round

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GOQii, India's leading preventive healthcare platform, has raised an undisclosed amount in Series-B round of funding led by Mitsui & Co Ltd, one of Japan's largest conglomerates and one of the most active healthcare investors globally. Along with the investment, the two parties have also agreed for joint collaboration.    

The round also saw the addition of several new investors, including Galaxy Digital, a leading blockchain merchant bank that invests via its Galaxy EOS VC Fund focused on developing the EOSIO ecosystem, and Denlow Investment Trust, a leading LP in several consumer- and tech-focused funds globally.   

GOQii counts marquee investors such as NEA, DSG Consumer Partners, Vijay Shekhar Sharma and Ratan Tata as existing investors, who also participated in the current round. Trifecta Capital also provided venture debt to the company. 

Founded in 2014 by serial entrepreneur Vishal Gondal, GOQii is empowering consumers globally to lead healthier and better lives. GOQii's smart tech-enabled healthcare platform brings together the entire preventive healthcare ecosystem, including tools for real-time personalised coaching, an explosive high-growth health e-commerce store, scheduling health check-ups, a health locker and a unique GOQii cash programme where healthy behaviour is rewarded with cash discounts. Given the state of sick-care delivery infrastructure in India, the company strongly believes that preventive healthcare is the only viable, long-term, mass-market solution.

Mitsui has one of the largest healthcare-related portfolios globally, including investments spanning hospitals, pharmaceuticals, medical devices and dialysis clinics. Mitsui's goal is to provide safe, secure and convenient services and enable the healthy lifestyles people deserve.  

Mitsui's investment will enable GOQii to penetrate further across India and will also mark the latter's entry into Japan. Given its ageing population and focus on preventive healthcare, Japan is ripe for the entry of players like GOQii.   

Vishal Gondal, CEO of GOQii, said: "We have spent the past few years validating our platform and forging partnerships with global insurance and healthcare providers. We are very excited to partner with Mitsui to drive the next phase of our growth. There are several areas of potential collaboration and our respective teams will drive an aggressive roadmap to deliver our goal of reimagining healthcare globally. Along with the power of Mitsui, our goal is to be the dominant healthcare platform for millions of users globally and empower them with a better lifestyle and healthcare solutions and be the force of good."

Koji Nagatomi, COO of the Healthcare & Service Business Unit of Mitsui, said: "This investment is an important step in achieving our vision of being Asia's No 1 healthcare ecosystem. GOQii's product offering is highly complementary to our portfolio of healthcare investments in India and globally and we see several areas of immediate collaboration between us and GOQii. As healthcare systems evolve across the globe, the addition of an online preventive healthcare platform ensures that Mitsui is present across the healthcare value chain. We also see a strong potential for GOQii to enter the Japanese market and are ready to help GOQii achieve its vision and ambitions. Mitsui is keen to develop new business and services in the Japanese preventive healthcare sector with the aim of providing further solutions to the evolving issues of today's Japanese society. Upon GOQii's entry into the Japanese market, we will seek cooperation between GOQii and our affiliated companies to realise our ambitions."  

The funds will be utilised for talent and headcount addition, marketing and geographical expansion. The company will further strengthen its big data analytics and artificial intelligence platform to drive actionable insights and to provide holistic view of a user's health. GCA Corporation acted as the exclusive financial advisor to GOQii.  

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