Robotics Company Miko Raises Rs 50 Crore In Funding Round

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Miko is clocking nearly a million interactions every 48-72 hours and is on track to register 500 per cent YoY growth in revenue, said CEO Sneh R Vaswani

Global robotic company Miko announced that it raised Rs 50 crore in a funding round led by Ivycap Ventures.  In a joint statement, the company informed that existing investors, including Chiratae Ventures, YourNest and WNS’ Keshav Murugesh, also participated in the funding round. 

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The company added that the funding will be used for product development and to strengthen global alliances as the company builds a strong global brand.

Miko was started in 2015 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.

Vikram Gupta, Founder and managing partner at Ivycap, said, “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.”

As per the statement, Miko has scaled its user base to more than 140 countries and is witnessing a 3X jump through the pandemic.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, said, “The company has showcased consistent month on month capital-efficient growth amidst the pandemic. Miko is on track to grow to a $100M revenue company with multiple global products in two years from now.” 

Miko is clocking nearly a million interactions every 48-72 hours and is on track to register 500 per cent YoY growth in revenue, said CEO Sneh R Vaswani.

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. The surge in demand amid the pandemic is the result of parents hunting for positive ways to engage kids in lockdown globally, added the statement.

Miko is also aiming for a portfolio of new products in the coming years. 

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