Fitness wearables maker, GOQii has raised an investment from Edelweiss at a valuation of $45-60 million.
GOQii was founded by Vishal Gondal, who also founded Indiagames and later sold it to Disney. Though the investment was made by the VC arm of Edelweiss, GOQii is also looking at capitalising on the health insurance customer base of Edelweiss along with the clientèle of the other arms of the private banking firm. Gondal confirmed that Edelweiss has also come on board as a “strategic partner”.
Commenting on the deployment of the freshly raised capital, he said, “The funding will be used to scale up the company’s operations in new markets such as US and China, expand into different business segments and develop new technologies.”
Previously, GOQii had raised a Series A round of funding amounting to $13.4 million. The deal was closed in November last year, led by New Enterprise Associates (NEA) and China-based Cheetah Mobile with participation from Great Wall Club (GWC), a grouping of Chinese and American investors and Singapore-based DSG Consumer Partners.