Robotics Startup Miko Raises $28 Mn Series B Funding

The capital raised will be used to fund product development and strengthen global alliances as the platform aims to build a strong global brand, the company stated

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Miko, the homegrown global robotics startup recently announced that it has raised $28 million in Series B round led by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures – family office of OYO founder Ritesh Agarwal, Manish Choksi from Asian Paints, and a clutch of global investors, according to the report.

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All existing institutional investors namely IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E Raschle from Schroder Adveq, and long-standing digital evangelist and mentor, Keshav R Murugesh, (former chairman, NASSCOM) participated in the round. The Series B round was facilitated by Validus Wealth and Masterkey.

"We are delighted to witness such a solid technology and product platform built in India and catering to global markets. With a global play and sound fundamentals, they have ensured a consistent growth trajectory in the years to come. Very excited to partner with them," said Vikrant Sibal, senior executive vice president, IIFL AMC.

This round comes within four months of the previous round led by IvyCap Ventures, and has witnessed a 200 per cent subscription from its targeted raise.

"The company has showcased consistent capital-efficient growth amidst the pandemic. The founders, Sneh, Chintan and Prashant are very passionate about Miko and have successfully achieved multiple milestones. We are thrilled to be part of the onward journey," explained Rajeev Juneja, Mankind Pharma Family Office.

Miko was started in 2015 by IIT Bombay graduates Sneh R Vaswani, Prashant V Iyengar, and Chintan S Raikar, along with global experts in engineering, mathematics, design, and education, the report noted.

The raised capital will be used to fund product development and strengthen global alliances as the company builds a strong global brand, the company stated.

The homegrown startup has now scaled its user base to more than 140 countries, with the engagement witnessing a threefold jump through the pandemic. The company claims to be witnessing a massive surge in demand amidst the pandemic as parents are hunting for positive ways to engage kids in lockdown globally. Miko is also aiming for a portfolio of new products in the coming years, the report said.

"Miko has demonstrated strong retention metrics along with consistent and sustainable growth. We are clocking nearly a million interactions every 48-72 hours, and are on track to register 500 per cent year-over-year growth in revenue. We are elated to welcome all our Series B investors in this journey, and highly appreciate the support from all existing investors," added Sneh R Vaswani, co-founder and chief executive officer, Miko.

The company has 150 employees across the US, the UK, and India, the report further shared.