The company, which is a leading player in the Indian wearables market, is backed by angel investors such as Shriram Nene and his wife and Bollywood actress Madhuri Dixit Nene and Neeraj Arora (WhatsApp). It offers a fitness tracker band coupled with a personal coach. The US-based company had earlier raised $13.4 million in a Series A funding in November 2015.
“With the recent developments and tie-ups on the platform, the investment from Tata is a testimony to us being a defining player of services in our category making long-term impact in people’s life”, GOQii Chief Executive and founder Vishal Gondal said.
Tata, Chairman emeritus of Tata Sons, has invested in a number of Indian and global start-ups in his personal capacity as well as through RNT Associates, a platform for several Ratan Tata’s initiatives and companies. These include Snapdeal, Kaaryah, Urban Ladder, Bluestone, CarDekho, Sabse Technologies, Xiaomi, Ola, DogSpot, Tracxn, CashKaro, FirstCry and Teabox.
According to the recent IDC report on the Indian wearable market, GOQii led the market with 16.1% share in the April-June quarter. It recently launched a fitness band and integrating doctors and health services as part of its plans to establishing itself as a preventive healthcare company.
Source: livemint