An Advanced Personal Robot for Kids organization, Miko 2 has raised $29 million from its Series C round, backed by 30 investors. In the same year, the company raised approx—$ 6.7 million, led by IvyCap Ventures in April.
The latest round of funding is backed by existing and new investors. IIFL invested a large amount of $6 million, followed by Chiratae $4 million, IvyCap Ventures $3 million, and YourNest $2.1 million. Individual investors participated enthusiastically in this round Nidhi Arora, who invested $2.6 million, whereas Chanakya Juneja and Ria Chopra Juneja added $2.1 million each. Oyo Rooms founder Ritesh Aggarwal has also raised around $1 million in the company.
Miko has passed a resolution to allot 270 equity shares and 15,948 preference shares to 30 investors at an issue price of Rs. 1,31,688.81 per share to raise Rs. 213.6 crore ($29 million), regulatory filings show. Since its inception, Miko has so far raised over $52 million across equity and debt rounds.
The five-year-old start-up provides a personalized robot to kids which engages, educates, and entertains kids. The robot can hear, see, sense, talk, express, recognize faces, identify moods, remember names, initiate a conversation, and learn from its environment to intuitively develop a bond with a child.
During the last fundraiser, the company’s revenue mounted by 50% in the first wave of the coronavirus pandemic. The company now expects revenue growth of 500% in the ongoing calendar year.
According to our estimates, after this fundraising, the company’s valuation has elevated to $87 million (Rs. 650 crores), and later the allotment of fresh shares, promoters’ holding has been decreased from 27.66% to 18.61%.
Founded by Sneh R Vaswani, Chintan S Raikar, and Prashant V Iyengar, Miko claims to export its product in more than 140 countries. The company is competing with Indian peers, including Skillmatics, Genrobotic PlayShifu, Ubtech, OSMO, JIBO, and many others in the global markets.