Mumbai based Miko, a robotics firm building emotive products, has raised $28 million (about Rs 208 crore) in a Series B funding round led by IIFL AMC, Mankind Pharma Family Office; Aroa Ventures – family office of OYO’s Ritesh Agarwal and Manish Choksi of Asian Paints, among others.
The round also saw participation from existing investors such as IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E. Raschle from Schroder Adveq and former chairman of NASSCOM Keshav R. Murugesh.
Miko plans to use the fresh capital for product development and strengthen global alliances.
The company has a user base in more than 140 countries with engagement seeing 3 times jump during the Covid pandemic.
The revenue from subscriptions saw the fastest growth as the firm eyes 50% of revenue in the next 3 years coming from subscriptions.
“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% y-o-y growth in revenue,” Sneh R Vaswani, co-founder and CEO, Miko, said.
The firm has also launched Miko 2, a robot that can see, hear, sense, express, talk, recognise faces, remember names, identify moods, initiate a conversation and learn from its environment to develop a bond with a child.
Miko has opened the platform where content partners can port child-focused content and make it available to families on subscription.
Founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko has over 150 employees in India, the US and the UK.
The company had raised $3.1 million in its pre-Series B funding round in October 2020 led by Stride Ventures.
The investment marks the latest bet on a company operating in the robotics space.
In March 2020, Robotics startup Janyu Technologies Pvt. Ltd raised capital from an electronics manufacturer by selling a minority stake.
In January 2020, Skilancer Solar Pvt. Ltd, a startup that provides robotic cleaning systems for solar panels, raised an undisclosed sum from Venture Catalysts.
The Series B round was facilitated by Validus Wealth and Masterkey.