Source | INC42 : By Yash Baid
GOQii began its life as Vishal Gondal’s second venture back in 2014. Vishal, a veteran entrepreneur, had previously built a game development company – Indiagames, which was subsequently acquired by Disney for close to $100 Mn.
It offers a free wearable wristband that can be procured on the purchase of a fitness subscription service that offers a one-on-one mobile personal coaching service backed by the data collected from the band. The startup has gamified the concept of fitness to keep its users (referred to by the service as ‘players’) engaged and motivated to ‘win’, rather than ‘work’.
Today, with a 100+ strong employee base, it is the market leader in wearables in India, with a 16% share as per the latest IDC report. GOQii has raised a total of $13.4 Mn in funding from 6 rounds, out of which 5 rounds did not have disclosed figures.
Here are excerpts of our conversation with founder Vishal Gondal, who spoke to us about the healthtech-hardware space. The sector has been brimming with players both from within the country and internationally and is getting quite exciting with startups providing distinguishment in products that add substantial value to the end users, garnering success.
In this conversation Vishal talks about mentors, hiring, innovation in healthtech and more.
This interview has been edited for brevity and clarity.
Inc42: What does the healthtech industry look like to you?
Vishal: Today, there are two kinds of startups in this space – on the curative side or the preventive side.
You are either spending money on medicines or doctors, or you are preventing consumers from getting till there by keeping them healthy. There’s a lot of disruption that is bound to happen in this space because there is massive fragmentation, there is data but it is scattered everywhere, the patients are ill-informed of what to do and this allows doctors to make money off of them, and finally the trouble with pharma companies. There are all these challenges, the tech solutions to which are big startups waiting to happen.
But my favourite companies will remain the ones which have models that allow the empowerment of the consumers by motivating them and educating them.