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Tuesday, February 27, 2024

GOQii, a healthtech venture, invests money in preventative healthcare?

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Healthtech startup GOQii offers smart wearable devices and much more. The company is offering a preventive healthcare app, coming a long way from being a provider of a smart fitness band.

According to IBEF, the Indian healthcare market is anticipated to reach $133.44 billion by 2022. This has also been the case for GOQii, a California-based healthtech wearable device business.

GOQii provides more than smart wearable devices. Since its inception in 2014, the company has progressed from providing a smart fitness band to a preventive healthcare application.

Vishal Gondal, Founder and CEO of GOQii Smart Healthcare, stated, “Wearables are a route to preventive healthcare for us.”

Users of GOQii’s wearable gadgets can interact with doctors, coaches, and specialists to embrace a healthy and active lifestyle. This, according to Vishal, helps the organisation retain its customers And they’ve been interacting with us for a considerably longer period of time.

According to Vishal, GOQii’s integrated system allows users to exchange their information, including vitals like heart rate, ECG, temperature, SPO2 levels, and so on, with their coaches and doctors, who then guide them based on it. Atypical values of resting heart rate, for example, are one of the early symptoms of any sickness.

Vishal, who previously founded the game creation and publishing company Indiagames, has enhanced the GOQii app with a gamification layer. Users, who are now players, can earn points for participating in activities that promote exercise and a healthy lifestyle during the day.

“This score allows users to earn GOQii cash, a virtual money that can be used to gain discounts on GOQii’s ecommerce store.”

In fact, by joining a community, users may submit updates about their health, food, and lifestyle, as well as see how others are doing, motivating them to participate more and spend more time on the app.

“We incentivize what people engage in more,” Vishal says of the community’s features.

GOQii introduced remote healthcare in 2015, and in 2018, it began offering virtual movies for fitness training. GOQii’s app is only available to premium clients, with a focus on user involvement.

The fitness company has one million paid users, with approximately 600,000 of them being active monthly users. Depending on the plan, a user pays between Rs 2500 and Rs 6000 each year.

On the app, there is a network of approximately 1200-1500 coaches and 100 doctors. “The software has a Net Promoter Score, which is a metric used to track user experience,” Vishal explains.

GOQii has gathered a wealth of data and insights from its consumers as it delves deeper into preventive healthcare. In fact, it has collaborated with Abbott Laboratories and Sun Pharmaceuticals to gather medical data.

While the ecosystem is already connected and provides information to doctors and coaches, the company has found new applications for it in the insurance industry, for which it has worked with organisations such as Bajaj Allianz General Insurance and Star Health Insurance.

Vishal went on to say that the company was registered as a medical device company with clinical trials backing it up.


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