Robotics startup Miko raises $28M in funding led by IIFL AMC, Mankind Pharma, others

Mumbai-based robotics startup Miko has raised $28 million (nearly Rs 208 crore) in a Series B funding round led by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures – the family office of OYO's Ritesh Agarwal, and Manish Choksi of Asian Paints. It has been facilitated by Validus Wealth and Masterkey.

Existing backers --- IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E. Raschle from Schroder Adveq, and former NASSCOM chairman Keshav R. Murugesh also participated in the round.

The AI robotic startup plans to use the fresh capital for product development and strengthen global alliances, the statement said.

Miko, founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, employs over 150 people across India, the United States, and the United Kingdom. The company has a user base in over 140 countries, with engagement increasing threefold during the Covid pandemic.

“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,” said Rajeev Juneja, Mankind Pharma Family Office.

Miko recently launched a platform for content partners to port child-focused content and make it available to families on a subscription basis.

“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 company has also manufactured Miko 2, a robot that can see, hear, sense, express, talk, recognize faces, remember names, identify moods, initiate a conversation, and learn from its surroundings in order to form a bond with a child after the success of the first generation of Miko.

“With a global play and sound fundamentals, they (Miko) have ensured a consistent growth trajectory in the years to come. Very excited to partner with them," said Vikrant Sibal, Senior Executive Vice President at IIFL AMC.

Also Read:

• Dailyhunt parent VerSe Innovation raises $450M led by Siguler Guff, others

Follow IndianStartupNews on Facebook, Instagram, Twitter for the latest updates from the startup ecosystem.