India: Virtual fitness coaching platform GOQii raises funding from Edelweiss VC arm

Virtual fitness coaching platform GOQii, US-headquartered with offices in Mumbai and China, has raised an undisclosed amount of funding from the venture capital arm of Edelweiss Financial Services Pvt Ltd, The Economic Times reported.

As part of the deal, Edelweiss has joined the board of the company as a strategic partner.

This comes barely after three months when the wearable devices maker had raised $13.4 million in Series A round of funding led by global VC firm New Enterprise Associates (NEA).

“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,” Vishal Gondal, founder and CEO of GOQii told ET.

GOQii competes with the New York Stock Exchange-listed Fitbit Inc.

Founded in 2013 by Gondal, GOQii provides wearable agnostic app, guidance from global experts, coaching counsel and the ability to support a cause that matters to users.

In July 2015, GOQii had raised an undisclosed amount of funding from Vijay Shekhar Sharma, founder and CEO of mobile internet firm One97 Communications.

Earlier in 2014, it has raised funding from Whatsapp business head Neeraj Arora and Marco Argenti, vice-president (mobile) at Amazon Web Services.

Recently, Infosys Innovation Fund picked minority stake in US wearables startup Whoop for $3 million.

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