Miko robotics gets Rs 50 crore funding from IvyCap Ventures, others

Pune: Robotics firm Miko has raised Rs 50 crore in a funding round led by venture capital firm IvyCap Ventures. Existing investors Chiratae Ventures, YourNest Capital and Keshav Murugesh, former chairman of Nasscom, also participated in the round.

The funds will be used towards product development and strengthening global alliances.

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The company said it is witnessing a massive surge in demand amid the Covid-19 pandemic as parents are hunting for positive ways to engage kids during lockdowns globally. In fact, engagement on the platform has gone up by three times.

“We have closely seen Sneh and team build Miko and are delighted to witness such a solid technology and product company built in India and catering to global markets,” said IvyCap Ventures’ founder Vikram Gupta. “The global play and sound fundamentals have ensured the company’s consistent growth trajectory. Very excited to partner with them!”

The company recently launched Miko 2, a robot that can interact with children and cut across a complex need-gap of education, technology and entertainment. The platform was recently opened up 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% of topline 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% year-on-year growth in revenue, ” said Sneh R Vaswani, chief executive officer at Miko.

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