Sneh R Vaswani, Miko co-founder and CEO, says the company is on track to register 500% YoY growth in revenue.
Robotics firm Miko has announced that it has raised $28m in funding from IIFL AMC, Mankind Pharma family office, AROA Ventures and multiple global investors. The round also saw participation from IvyCap Ventures, Chiratae Ventures, YourNest and WNS CEO Keshav R. Murugesh.
This round comes within four months of the previous round led by Ivycap Ventures and has witnessed a 200% subscription from its targeted raise. Earlier, the company had raised $6.7m from Ivycap Ventures.
“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% YoY growth in revenue,” said Sneh R Vaswani, co-founder and CEO, Miko.
Miko creates personal robots which are used as companion robots for children. The company witnessed a three-times increase in use over the pandemic and now has a user base across over 140 countries. The funds will be used towards product development and in strengthening global alliances.
Vikrant Sibal, senior executive vice president at IIFL AMC, added: “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, Miko has ensured a consistent growth trajectory in the years to come.”
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. Subscription revenue has been growing rapidly, with nearly 50% of the topline to be subscription revenue over the next three years.
Toy World caught up with Michael Beckett, director of Licensing and Content Acquisition at Miko in the latest September edition.
“As our AI develops, we want to revolutionise the way we interact with technology, creating innovative ways to support families in an emotionally intelligent way,” Michael told Toy World. “We’re always looking for great content to add to our platform too. We’re particularly interested in content that can be adapted to Miko’s capabilities. I urge anyone with great children’s content to get in touch.”
You can read more on the kids’ robotics company, its flagship products, and why innovative content is key when it comes to learning, in the article here.