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Miko, a global robotics company, announced a ₹50 crore fund raise led by IvyCap Ventures. Existing investors: Chiratae Ventures, YourNest Capital, and angel investors led by Keshav Murugesh-- former chairman of NASSCOM, also participated in the round.
The raised capital will be used to fund product development and strengthen global alliances as the company builds a strong global brand.
The company has now scaled its user base 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 as parents hunt 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, and initiate a conversation from its own environment to intuitively develop a bond with a child.
The company recently opened the Miko platform to allow child-focused content partners and developers to port their content and make it available to families on subscription.
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.”
Sudhir Sethi, Founder and Chairman of Chiratae Ventures said: “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 with consistent 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.
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