Maha robotics startup Miko to raise ₹1,300cr at ₹4,800cr valuation
Mumbai-based robotics startup Miko is making headlines with its latest funding round, which is set to raise a whopping ₹1,357 crore (approximately $155 million) in its Series D funding round. The funding round will be led by US-based AMDG-PAX Foundation, marking a significant milestone for the startup. This latest development has also led to an increase in Miko’s post-money valuation, which is now estimated to be around ₹4,815 crore ($550 million).
According to a report by Newsbytes, the company’s board has approved a resolution to issue 22,465 preference shares at an issue price of ₹5.9 lakh each for this purpose. This move is expected to further accelerate Miko’s growth and expansion plans in the robotics space.
Miko, founded in 2014, has been making waves in the Indian startup ecosystem with its innovative robotics solutions. The company’s flagship product is a social robot designed to assist children, which has been well-received by parents and educators alike. Miko’s robots are designed to provide companionship, education, and entertainment to children, making them an attractive solution for parents who want to give their kids a head start in life.
The funding raised in this Series D round will be used to further develop Miko’s product portfolio, expand its team, and accelerate its entry into new markets. The company has already made significant inroads in the Indian market, and this latest funding round is expected to help it consolidate its position and expand its global footprint.
Miko’s success can be attributed to its focus on innovation and its ability to identify and address a specific need in the market. The company’s robots are designed to be user-friendly, making it easy for children to interact with them. Additionally, Miko’s robots are equipped with advanced AI and machine learning algorithms, which enable them to learn and adapt to a child’s behavior and preferences over time.
The Indian startup ecosystem has been witnessing a surge in interest in robotics and AI-powered solutions, driven by the growing demand for automation and digital transformation. Miko’s success is a testament to the potential of Indian startups to create innovative solutions that can disrupt traditional industries and create new opportunities.
The funding raised by Miko is also a reflection of the growing interest in Indian startups among global investors. The company’s ability to attract a leading investor like AMDG-PAX Foundation is a significant vote of confidence in its business model and growth prospects.
In conclusion, Miko’s latest funding round is a significant milestone for the company and the Indian startup ecosystem as a whole. The company’s innovative robotics solutions have the potential to make a meaningful impact on the lives of children and families around the world. With this latest funding, Miko is well-positioned to further accelerate its growth and expansion plans, and we can expect to see exciting developments from the company in the years to come.
Source: https://www.newsbytesapp.com/news/business/miko-secures-155-million-in-series-d-funding/story
