GOQii has emerged a leader in the fitness wearables segment by identifying white spaces in the industry and leveraging them effectively. Mansha Gagneja catches up with Vishal Gondal, CEO and Founder, GOQii to find out more about his plans to sustain the growth momentum of his start-up and retain an edge over his counterparts in a very competitive arena
The proverb ‘A stitch in time saves nine’, holds true for the healthcare sector, both literally and figuratively. Due to rising awareness and soaring healthcare costs people are also coming to terms with the fact that indeed prevention is better than cure. They are now welcoming options that can assist them in leading a healthy lifestyle which in turn has opened up new growth avenues for startups in fitness space. With an aim to guide people follow healthy patterns, these startups are coming up with innovative ideas and advanced technologies to facilitate the shift from curative care to preventive care while they also improve accessibility and affordability of healthcare services. One such startup is GOQii, a virtual fitness coaching platform dedicated to enable a shift to a healthier lifestyle. It’s vision is to create a one stop solution for all health and lifestyle needs.
Inception
Vishal Gondal its CEO and Founder, was a game developer and leading an unhealthy lifestyle during his stint in the gaming industry. In order to improve his health, he resorted to many wearables. Though, these wearables provided him all the vital stats, they failed to guide him to work towards a better lifestyle. Understanding the root cause, he came to a conclusion that lack of human factor is reason for the inefficiency of these wearables. This realisation led him to develop a platform that would combine the two elements- monitoring and coaching and GOQii was born.
He highlights that the major issue with preventive care is the lack of motivation which give rise to the demand to create an integrated platform for healthcare. Even though people have knowledge about the healthy habits, the larger chunk still fails to follow. To help them embrace a healthy lifestyle constant reminders and coaching is required. He further elaborates that just wearing a heart rate monitor is as useful as a lay man using a stethoscope. If a trained professional cannot analyse the data then it is of no use at all. So, the coaching model in GOQii was introduced and they are constantly working towards introducing more aspects such as diabetes and senior living which can help users attain a healthier lifestyle.
How does GoQii stand out?
The coach marketplace model that GOQii offers differentiates it from the other players in the arena. According to International Data Centre, GOQii holds a market share of 16.1 per cent in the wearable segment for the second quarter of CY 2016, pipping China’s Xiaomi. It’s unique selling point of providing access to a personal trainer, creating an ecosystem has helped it become a market leader. Gondal proudly states that this feature will help revolutionise fitness coaching by empowering a coach based anywhere in world to offer services to users irrespective of their location. GOQii incorporates coaching from healthcare professionals, consultations from doctors who can access the user’s data through various technologies like accelerometers, GPS and mobile network etc. In addition, GOQii has partnered with Thyrocare and Max Healthcare to create a more integrated platform.They have also tied up with Axis Bank for Near-field communication (NFC) to help consumers make contactless payments.
Funding
GOQii is backed by many angel investors including Google’s Amit Singhal and Rajan Anandan, Microsoft’s S Somasegar and Vijay Vashee. It raised $13.4 million in Series A funding in 2015 led by global venture capital firm New Enterprise Associates. China’s Cheetah Mobile and Great Wall Club, besides existing early-stage investor DSG Consumer Partners and other angel investors also participated in that round. The funds raised 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.
Revenue Model
It is subscription based model wherein the consumer subscribes to a plan. Their plan ranges from quarterly to yearly and includes a tracker, a coach, a doctor along with a healthcare locker to store the previous health records. GOQii has offerings to cater to corporate demands also. Creating a platform which can meet multiple healthcare needs has given GOQii a competitive edge over other players in the segment.
Innovations
It’s latest service offering- GOQii Heart Care focusses on cardiovascular health. The consumers have to share their health and heart rate data via the new GOQii tracker, the doctor will go through this data and provide specific inputs to the users on how to maintain good cardiac health. Value additions such as these have spurred GOQii’s success story. GOQii also plans to venture into various health segments such as diabetes and senior living. They have already introduced a latest version which caters to the heart patients. They look forward to collaborate with the state governments with the intention to reach out to the masses.
Going forward
Gondal’s vision to create a one stop solution for all healthcare and lifestyle needs is a great one. His plans to scale up in the future involves creating a mindset shift from a curative to preventive healthcare on a massive level. But will he be able to make this platform more cost effective and affordable for all? As he seeks to partner with state governments, how will he persuade them to subsidise the subscription costs of wearables which currently comes to Rs 4000 per annum? And what innovations will he bring in to keep consumers engaged and motivated? These are the few integral questions GOQii needs to ponder upon before it takes the next leap. The farsightedness to perceive upcoming opportunities in the fitness sector and devising innovations to suit them may act as the key factor for GOQii to sustain its impetus.
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