Miko, an India-based advanced robotics startup focusing on making an AI-driven robot to impart knowledge and amuse children, has secured US$ 28M in a Series B investment round co-led by Aroa Ventures, IIFL, Mankind Pharma on 11 August 2021.
Investors: The funding round features Mankind Pharma, Aroa Ventures and IIFL as the lead investors with participation from Chiratae Ventures, YourNest Venture Capital, IvyCap Ventures, Ritesh Agarwal, founder of OYO and many other angel investors.
Purpose of the funding: The proceeds from the investment round will be directed towards product development and bolster the firm’s global relations as it intends to become a global brand.
Brought to existence in 2015 by Sneh R Vaswani, Prashant V Iyengar, and Chintan S Raikar, Miko is an advanced robotics company aiming to solve serious consumer problems by establishing emotionally intelligent solutions. Their products leverage proprietary and cutting-edge artificial intelligence, robotics and IoT. The firm has widened its user base to over 140 nations, experiencing a big jump in engagement during the pandemic propelled by a surge in the Indian parents desire to keep their kids engaged in something productive. Miko seeks to cater to worldwide households and reach 20 million houses by 2023, offering childcare, elderly care and many other services.
What the founder has to say: “Miko has showcased its ability to retain customers paralleled with stable and rising growth. The platform has been registering roughly a million intercourses every 48-72 hours. It is on the path to log 500 per cent annual revenue growth. We are delighted and honoured to welcome all our new investors, and grateful for their financial support and trust in our company.”- Sneh R Vaswani, Co-founder and CEO of Miko.
What the Investors have to say: “It is exhilarating to eyewitness an India-based robust tech and product interface to serve global customers. Becoming a global player and possessing spot on fundamentals guarantees a stable growth trajectory for the firm in the coming years. By and large, it’s delightful to join hands with Miko.”- Vikrant Sibal, Senior Executive Vice President of IIFL AMC. “Demonstrating a steady capital-efficient growth in the middle of a pandemic is a remarkable achievement. The founders are fervent about the robotics domain and have achieved major milestones in their lives. We are rejoiced to support the firm in its growth journey.”- Rajeev Juneja, Mankind Pharma Family Office.
For more extensive analysis and Market Intelligence reports, feel free to approach us or visit our website: Venture Capital Market Intelligence Reports | VCBay.
We try our best to fact check and bring the best, well-researched and non-plagiarized content to you. Please let us know
-if there are any discrepancies in any of our published stories,
-how we can improve,
-what stories you would like us to cover and what information you are looking for, in the comments section below or through our contact form! We look forward to your feedback, and thank you for stopping by!