This healthtech firm plans to develop within the preventive healthcare area. Eyes $ 100M in gross sales

Founded in 2014, GOQii Smart Healthcare is an Indian fitness technology company headquartered in California, USA, and is establishing itself in the growing healthcare sector.

In a conversation with the daily dispatch of YourStory, Vishal Gondal, Founder and CEO of GOQii Smart Healthcare, says the pandemic has boosted the preventive health care sector. Everyone is now aware of the importance of immunity. Immunity must be developed through working on one’s diet, health, and cognition. In the last 12-18 months, GOQii saw a massive growth in preventive health services as people became more aware.

Vishal adds that people are now more concerned about their vital signs: blood oxygen levels, body temperature, blood pressure, heart rate, etc. In such a situation, GOQii has all of its devices certified by the CDSCO (Central Drugs Standard Control Organization).

“We have clearly seen that devices with all the important vital parameters are in demand,” says Vishal.

According to the Indian Brand Equity Foundation (IBEF) report, the Indian healthcare market is expected to reach $ 133.44 billion in volume by 2022.

He mentions that GOQii will massively scale its consumer business. The company will launch additional products, plans and packages for various diseases such as diabetes and heart disease. “Although COVID-19 could go away at some point, more viruses could come in the future, so everyone has to start taking care of their health,” he says.

Thus, the two important focus segments for the company Disease Management and Consumers. In addition, the company plans to expand into the UK, Southeast Asia and other western markets in the future.

Vishal says GOQii is easier to scale than traditional providers because it has a real business model with real consumers, products and services with a strong unit economy. “It’s about how can I, as a consumer, reach a billion people?” He says. The company plans to be aggressive with direct-to-consumer (D2C) offerings. At the moment, however, it is I want to raise $ 50-75 million.

Additionally, he mentions that the company recently announced the launch of its product, GOQii Smart Stride, which is a linked treadmill. The company also works with its partner Essentia in the field of blood glucose monitoring. GOQii plans to delve deep into the medical field by integrating with medical devices. The company is also entering the home fitness category in the fitness sector.

Vishal states that the company will explore the retail market as soon as it opens. As of now, 90 percent of GOQii’s products and services are available online. “Unlike other providers, we don’t have a physical offer, so we’re a completely virtual company,” he says.

He adds that the company is looking for one $ 100 million in revenue for the next 18-24 months and that is their primary sales target. Most of the income will come from India. After all, the main focus of GOQii from an overall goal perspective is “How can we make people’s lives longer?”

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