Mumbai-based robotics start-up Miko secures $155M at $550M valuation
What's the story
Miko, a significant player in the child companion robot industry, is set to raise $155 million (around ₹1,325 crore) in its Series D funding round. The investment will be led by AMDG-PAX Foundation, a US-based non-profit organization. The Mumbai-based company's board has approved a special resolution to issue 22,465 preference shares at an issue price of ₹5.9 lakh each for this purpose.
Valuation boost
Funds to be used for business needs
The new funds will be used for business needs and other general corporate purposes, according to a regulatory filing with the Registrar of Companies (RoC). Entrackr estimates that this will take Miko's post-money valuation to around $550 million, a 2.7X jump from its last round.
Business strategy
Miko's hybrid model and global presence
Miko operates on a hybrid model, selling AI-powered robots such as Miko Mini and Miko 3 in the ₹15,000-25,000 range. The company also promotes its premium subscription service, Miko Max, to generate recurring revenues beyond device sales. It claims to have customers in over 140 countries across the US, Europe, and the Middle East.
Previous investments
Funding history and financial performance
Miko has so far raised over $75 million (excluding this round), including a $29 million Series B round led by IvyCap Ventures. The latest filing shows that AMDG-PAX Foundation will own 27.87% of the company post-allotment. Although Miko's Indian entity has not yet filed its FY25 annual report, its revenue from operations grew by 58% to ₹358 crore in FY24, compared to ₹225 crore in FY23.