Mumbai: Miko, the India-born global robotics leader, announced a 50Cr INR fundraise led by IvyCap Ventures. Existing investors Chiratae Ventures, YourNest Capital, and angel investors led by Mr. Keshav Murugesh, former chairman of NASSCOMalso participated in the round.
The company hasnow scaled its userbase to more than 140 countries globally with the engagement witnessing a 3X jump through the pandemic.The company is 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.
Miko was started by three IIT Bombay graduates, Sneh R Vaswani, Prashant V. Iyengar and Chintan S.Raikar, along with global experts in engineering, mathematics, design and education. After the success of the first generation of Miko, the company launched Miko 2, a robot that can see, hear, sense, express, talk, recognize faces, remember names, identify moods, initiate a conversation and learn from its own environment to intuitively develop a bond with a child. Miko 2 cuts across a complex need-gap of education, technology, entertainment and hence an enabler in effective parenting, like none other. The company recently opened the Miko platform to allow child-focused content partners and developers to port their content on Miko and make it available to families on subscription. Subscription revenue is witnessing the fastest growth with nearly 50% of topline to be subscription revenue over the next 3 years.
The raised capital will be used to fund product development and strengthen global alliances as the company builds a strong global brand
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, added, “We have closely seen Sneh and team build Miko and are delighted to witness such a solid technology and product company built in India and catering to global markets. The global play and sound fundamentals have ensured the company’s consistent growth trajectory. Very excited to partner with them!”
Sudhir Sethi, Founder and Chairman of Chiratae Ventures shared, “The company has showcased consistent month on month capital efficient growth amidst the pandemic. With this round,Miko is now well positioned to grow to a $100M revenue company with multiple products in 2 years from now.”
“Miko has demonstrated strong retention metrics along withconsistent and sustainable growth. We are clocking nearly a million interactions every 48-72 hours and are on track to register 500% YoY growth in revenue. We are elated to welcome IvyCap Ventures in our journey and highly appreciate the support from all existing investors.” said Sneh R Vaswani, Co-Founder and CEO, Miko.
