Robotics startup for kids Miko raises INR 100 Cr in debt funding
- ByStartupStory | May 27, 2022
Miko, a children’s Robotic toys company has raised $13.3 million (100Cr) in debt from stride ventures. Miko’s board of directors has approved a special resolution to issue 10,002 non-convertible debentures (NCDs) at a face value of Rs 1,00,000 each to raise Rs 100 million. This follows after the business announced a $28 million equity round in August of last year.
The firm is planning to use the funds to strengthen working capital and general corporate requirements according to the business plan of the company. So far, It has secured over $50 million across equity and debt since the launch.
Founded in 2015 by Sneh Vaswani, Prashant Iyengar and Chintan Raikar, Miko develops emotionally intelligent robots by combining artificial intelligence and the Internet of Things (IoT) in its flagship brand Miko. Following the success of its first-generation robots, the business released an improved version that sees, hears, senses, expresses, talks, and recognizes faces using voice-recognition technology.
Robotics firm, Miko also allows child-focused content partners and developers to port their content on Miko and monetize via subscription. The firm has customers across 140 countries.
Miko has raised the employee stock options (ESOPs) pool from 1,392 options to 2,418 options.
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