India-based wearable technology developer Goqii raised between $30m and 35m in a series B round led by diversified conglomerate Mitsui on Monday, according to the Economic Times.
The round, which valued Goqii at $100m to $125m according to people familiar with the matter, included app developer Cheetah Mobile and digital asset banking firm Galaxy Digital.
Investment firms Denlow Investment Trust and DSG Consumer Partners, venture capital firm New Enterprise Associates (NEA), financial services group Edelweiss Financial Services and several private investors filled out the round.
Founded in 2014, Goqii has developed wearable gadgets which track a user’s footsteps, sleep patterns and other physical activities.
The company also offers tools for personalised coaching, provides an e-commerce store for health check-ups and rewards healthy behaviour with discounts. Goqii plans to use the series B capital to expand into Japan next year.
In 2015, the company raised $13.4m in a series A round co-led by Cheetah Mobile and NEA. It also included investor group Great Wall Club and investment firm DSG Consumer Partners.
Koji Nagatomi, chief operating officer of healthcare and service at Mitsui, said: “Goqii’s product offering is highly complementary to our portfolio of healthcare investments in India and globally and we see several areas of immediate collaboration between us and Goqii.”