The cash crunch Pebble is reportedly on the sale of some time now. They were looking for the right time and right opportunity. CEO Migicovsky had earlier this year also confirmed the company had close to $28 million in debt
The leading Smartwatch maker Fitbit is reportedly being acquired by Fitbit. However the exact amount is not yet confirmed, but TechCrunch reports a deal worth value between $34-$40 million. They also report that the acquisition target of Pebble was made earlier also by Citizen and giant chip-maker Intel in 2015. This has also been reported that Citizen was willing to pay $740 million. But CEO of the company, Eric Migicovsky rejected the offers.
Pebble was on sale for some time now. They laid off their staff 25% in 2016, despite having to fund of $26 million in the 2015 and 2016. They also recently entered into the India market as Pebble Time, Pebble Time Round etc. However, the branding of Pebble is not known in the domestic market.
The smartwatch of Pebble was being highly appreciated by 2012. The strategy to sell the watch at the cheapest and affordable prices compared to another smart watch major Apple and Samsung.
The smartwatch segment in the world has not grown significantly as expected. Android was trying hard to beat Apple watch, but they failed to do so. This is the reason also Pebble is struggling in the market for quite some time and that is not the surprise.
This has been observed that there is no place of fitness wearable market for small players. According to the report IDC survey in September, Fitbit grew by 26.1 per cent in the period over last year. However in India Goqii is being highly popular and very high in demand among all fitness wearable. Goqii has a unique feature of personalised live coaching and so they are going popular day by day.