Mumbai-based educational robotics firm Miko has raised $28 million in a Series B round led by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures (part of the family office of Oyo founder Ritesh Agarwal), Manish Choksi from Asian Paints and other global investors, Business Standard has reported.
All of Miko’s existing institutional investors including IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E Raschle from Schroder Adveq, and Keshav R Murugesh, participated in the round.
The company creates robotics-led emotionally intelligent robots that interact with and educate youngsters. The company stated it is planning to increase its portfolio of products in the coming years, adding that it has scaled its user base to more than 140 countries with engagement rising three times through the pandemic. The new funding will be used for product development and strengthening global alliances.
Sneh R Vaswani, Miko’s co-founder and chief executive, said: “Miko has demonstrated strong retention metrics along with consistent and sustainable growth. We are clocking nearly a million interactions every 48 to 72 hours and are on track to register 500% year-on-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.”
Vikrant Sibal, senior executive vice-president at IIFL AMC, said: “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.”
Rajeev Juneja from Mankind Pharma Family Office added: “The company has showcased consistent capital efficient growth amidst the pandemic. The founders are very passionate about Miko and have successfully achieved multiple milestones. We are thrilled to be part of the onward journey.”
The Series B round was facilitated by Validus Wealth and Masterkey.
Date published: 13 August 2021