Miko Robotics

Miko, an Indian born robotic startup, has raised $28 million in Series B funding 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.

The Series B round included participation from existing investors — IvyCap Ventures, Chiratae Ventures, YourNest Capital, Bruno E Raschle from Schroder Adveq, and long-standing digital evangelist and mentor, Keshav R Murugesh also participated in the round.

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

The start-up has now expanded its user base to more than 140 countries, with the participation rising 3 times through the pandemic. The company, which creates robotics-led emotionally intelligent solutions, saw a huge increase in demand amidst the pandemic as parents are looking for better ways to engage kids in global lockdown. 

Founded 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 company aims for a portfolio of new products in the coming years. It has around 150 working employees across the US, UK, and India.

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

Commenting on the investment, Vikrant Sibal, Senior Executive Vice President at IIFL AMC, said, “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, Mankind Pharma Family Office, said, “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” 

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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