[Funding alert] Robotics startup Miko raises $28M in Series B from IIFL AMC, others

The capital raised will be used to fund product development and strengthen global alliances as Miko aims to build a strong global brand, the company stated.

Miko, the India-born global robotics startup, on Thursday announced that it has raised $28 million in Series B round led by IIFL AMC, Mankind Pharma Family Office, Aroa Ventures – family office of OYO founder Ritesh Agarwal, Manish Choksi from Asian Paints, and a clutch of global investors.

All existing institutional investors namely IvyCap Ventures, Chiratae  Ventures, YourNest Capital, Bruno E Raschle from Schroder Adveq, and long-standing digital evangelist and mentor, Keshav R Murugesh, (former Chairman of NASSCOM) participated in the round.

The Series B round was facilitated by Validus Wealth and Masterkey.

This round comes within four months of the previous round led by IvyCap Ventures, and has witnessed a 200 percent subscription from its targeted raise. 

Miko was started in 2015 by IIT Bombay graduates Sneh R Vaswani, Prashant V Iyengar, and Chintan S Raikar, along with global experts in engineering, mathematics, design, and education.

The raised capital will be used to fund product development and strengthen global alliances as the company builds a  strong global brand, the company stated.

The homegrown startup has now scaled its user base to more than 140 countries, with the engagement witnessing a 3x jump through the pandemic. The company claims to be 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 founders (from left): Prashant V Iyengar, Sneh R Vaswani and Chintan S Raikar

Commenting on the investment, Vikrant Sibal, Senior Executive Vice President at IIFL AMC, added,

“We are delighted to witness such a solid  technology and product platform built in India and catering to global markets. With a global play and sound fundamentals,  they have ensured a consistent growth trajectory in the years to come. Very excited to partner with them!” 

Rajeev Juneja of Mankind Pharma Family Office shared, 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” 

“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 percent YoY 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,” said Sneh R Vaswani, Co-founder and CEO, Miko. 

The company has 150 employees across the US, the UK, and India.

Edited by Kanishk Singh