SUMMARY
- Miko raised $2.5 million in new funding from angel investors, boosting its valuation to $206 million, a 2.3x increase from its previous equity round.
- The funding round was led by Moneycrew Fintech, with contributions from multiple angel investors; Miko has now raised over $60 million in total.
- The company’s revenue grew 2.3x to Rs 225 crore in FY23, though it posted a loss of Rs 108 crore; annual results for FY24 are yet to be filed.
Miko, a robotics firm under Emotix, has raised Rs 20.5 crore (approximately $2.5 million) in a new funding round from a group of angel investors, marking its first equity infusion in two years. According to regulatory filings accessed through the Registrar of Companies, the Mumbai-based company issued 679 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 3,02,695 each, raising Rs 20.55 crore.
The funding was led by Moneycrew Fintech, which contributed Rs 4.5 crore, with the remaining amount coming from various angel investors, including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, and Inderjit Kaur Arora. Post-allotment, Miko’s valuation is estimated at Rs 1,711 crore (around $206 million), reflecting a 2.3x increase from its previous equity round.
Miko, known for its emotionally intelligent robots like Miko, Miko 2, and Miko 3, leverages artificial intelligence (AI) and the Internet of Things (IoT) in developing its products. These robots use voice-recognition technology to perform various functions such as seeing, hearing, sensing, expressing emotions, talking, and recognizing faces. The company has raised over $60 million to date, including a $29 million Series B round led by IvyCap Ventures in 2021.
According to TheKredible, prior to this funding round, Chiratae Ventures was the largest external stakeholder with a 13.77% share, followed by IvyCap Ventures with 13%. The startup demonstrated impressive growth, with revenue rising 2.3x to Rs 225 crore in FY23 from Rs 95 crore in FY22, although it reported a bottom line of Rs 108 crore in FY23. The company has yet to file its annual results for FY24.
