Mumbai-based robotics company Miko is set to secure ₹28 crore (approximately $3.3 million) as part of its Series C funding, according to an exclusive report by Entrackr.
The investment comes three months after the company raised ₹20.5 crore ($2.5 million) from angel investors, valuing the startup at $200 million.
The funding will be facilitated through the issuance of 924 Series C Compulsorily Convertible Preference Shares (CCPS), priced at ₹3,02,694.58 per share, totaling ₹27.96 crore. The primary investor for this round is IvyCap Ventures Trust Fund III, which will provide the capital in multiple installments.
Miko plans to utilize the fresh funds to support research and development, expand sales and marketing efforts, manage operating expenses, and meet working capital needs.
About Miko:
Founded in January 2015 by IIT Bombay alumni Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko specializes in creating emotionally intelligent robots for children.
Its flagship products, Miko, Miko 2, and Miko 3, leverage artificial intelligence (AI) and Internet of Things (IoT) technologies to deliver interactive and educational experiences. These robots can recognize faces, understand emotions, and engage with users using advanced voice recognition and other smart features.
The company has a global footprint, serving customers in 140 countries, including major markets in the US, Europe, and the Middle East.
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In FY23, Miko reported ₹225.6 crore in operational revenue, a 137.5% increase from ₹95 crore in FY22. However, the company also recorded a 39% increase in losses, totaling ₹107.7 crore during the same period.
To date, Miko has raised over $60 million in funding, including a $29 million Series B round led by IvyCap Ventures in 2021.
Miko faces competition from other robotics startups, including PlayShifu, Avishkaar, and WitBlox, as it continues to expand its offerings and market presence.
