Robotics co Miko raises Rs 50 cr from Ivycap, others

Indigenous robotics firm Miko on Wednesday said it has raised Rs 50 crore in a funding round led by Ivycap Ventures.

Existing investors, including Chiratae Ventures, YourNest and WNS' Keshav Murugesh, also participated in the fundraise, an official statement said.

Miko was started by three IIT Bombay graduates, Sneh R Vaswani, Prashant V Iyengar and Chintan S Raikar, along with global experts in engineering, mathematics, design and education.

''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. The global play and sound fundamentals have ensured the company's consistent growth trajectory,'' Ivycap's founder and managing partner Vikram Gupta said.

Miko is on track to grow to a USD 100 million revenue company with multiple global products in two years from now, Chiratae's founder and chairman Sudhir Sethi said.

The company is clocking nearly a million interactions every 48-72 hours and is on track to register a 500 per cent growth in revenue as compared to the previous year, its CEO Vaswani said.

It has scaled its user base to more than 140 countries and is witnessing a 3X jump through the pandemic, the statement said.

The surge in demand amid the pandemic is the result of parents hunting for positive ways to engage kids in lockdown globally, it said. Miko is also aiming for a portfolio of new products in the coming years.