Miko raises Rs50 crore from IvyCap Ventures and others
- The company will use the funds for product development and strengthening its global alliances
Robotics startup Miko on Wednesday said that it has raised ₹50 crore as a part of its latest fundraise led by IvyCap Ventures. The round also saw participation from existing investors including Chiratae Ventures, YourNest Capital, amongst other angels.
According to the company, it will use the funds for product development and strengthening its global alliances.
The five-year-old startup provides a personalised robot to kids which engages, educates and entertains kids. The robot can see, hear, sense, express, talk, recognize faces, remember names, identify moods, initiate a conversation and learn from its own environment to intuitively develop a bond with a child, the company 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% year-on-year growth in revenue,” said Sneh R Vaswani, co-founder and chief executive officer, Miko.
According to the company, it has scaled its user base to more than 140 countries globally, and is witnessing a strong demand amidst the pandemic as parents are hunting for positive ways to engage kids in lockdown globally.
“We have closely seen Sneh and team build Miko and are delighted to witness such a solid technology and product company which is built in India and catering to global markets. The global play and sound fundamentals have ensured the company’s consistent growth trajectory,” said Vikram Gupta, founder and managing partner, IvyCap Ventures Advisors Pvt Ltd.
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. Miko now expects 50% of its topline revenue to come from subscriptions in the next 3 years.
Currently, Miko has close to 150 employees across markets of US, UK and India.
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First Published:14 Apr 2021, 08:39 PM IST
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