Miko, the India-born global robotics company, on Thursday said it has raised $28 million (about Rs 207.9 crore) in funding from IIFL AMC, Mankind Pharma Family Office, and Aroa Ventures - family office of OYO founder Ritesh Agarwal.
Manish Choksi from Asian Paints, a clutch of global investors and all existing institutional investors - IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E Raschle (from Schroder Adveq), and WNS Group Chief Executive Officer Keshav R Murugesh also participated in the round, a statement said.
The latest funding - which comes within four months of the previous round that was led by Ivycap Ventures - has witnessed a 200 per cent subscription from its targeted raise, it added.
The raised capital will be used to fund product development and strengthen global alliances, the statement said.
Miko has seen engagement witnessing a 3X jump through the pandemic as parents are hunting for positive ways to engage kids in lockdowns globally. Miko is also aiming for a portfolio of new products in the coming years.
Founded in 2015, Miko was set up by Sneh R Vaswani, Prashant Iyengar and Chintan Raikar. The company's Miko 2 is a robot that can see, hear, sense, express, talk, recognise faces, remember names, identify moods, initiate a conversation, and learn from its own environment to intuitively develop a bond with a child.
Miko 2 addresses a complex need-gap of education, technology, entertainment, and hence an enabler of ineffective parenting. The company has 150 employees across the US, the UK, and India.
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.
Subscription revenue is witnessing the fastest growth with nearly 50 per cent of top line to be subscription revenue over the next three years.
"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 per cent year-on-year growth in revenue," Miko co-founder and Chief Executive Officer Sneh R Vaswani said.
The Series B round was facilitated by Validus Wealth and Masterkey.
