“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, cofounder 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, they have 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.
“The company has showcased consistent capital efficient growth amidst the pandemic. The founders, Sneh, Chintan and Prashant are very passionate about Miko and have successfully achieved multiple milestones. We are thrilled to be part of the onward journey, said Rajeev Juneja from the Mankind Pharma Family Office.
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Miko is now working on a portfolio of new products in the coming years. The company was set up in 2005 by Sneh R Vaswani, Prashant V. Iyengar and Chintan S. Raikar.
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