Miko Raises Rs 1,325 Crore in Series D Funding

Miko, the renowned child companion robot manufacturer, is securing Rs 1,325 crore ($155 million) in its Series D funding round. This investment comes from the AMDG-PAX Foundation, a non-profit organisation based in the US. The board of RN Chidakashi Technologies Private Limited, operating under the Miko brand, has approved a special resolution to issue 22,465 preference shares at an issue price of Rs 5.9 lakh each to gather the necessary funds, as indicated in their regulatory filing with the Registrar of Companies (RoC).

Funding Utilisation and Valuation

The new capital will be used to support business needs and other general corporate activities. Startup Superb estimates that the company’s post-money valuation will be approximately $550 million, reflecting a 2.7X increase from the previous funding round. Miko did not respond to inquiries made on Friday until the publication of this story.

Miko’s Business Model

Miko.ai operates on a hybrid model, offering AI-powered robots like Miko Mini and Miko 3, which are priced between Rs 15,000 and Rs 25,000. The company is also promoting its premium subscription, Miko Max, to generate ongoing revenue beyond just device sales. Miko claims its products reach customers in over 140 countries, including regions such as the US, Europe, and the Middle East.

Previous Funding Rounds

To date, Miko has raised more than $75 million (excluding the current round), which includes a $29 million Series B round led by IvyCap Ventures. The regulatory filing reveals that AMDG-PAX Foundation will possess a 27.87% stake in the company following the allotment of shares.

Financial Performance

While Miko’s Indian entity has not yet submitted its annual report for FY25, it was reported that the revenue from operations surged by 58% to Rs 358 crore in FY24, compared to Rs 225 crore in FY23. However, the losses for FY24 were recorded at Rs 120 crore.

Market Competition

In the child companion robot market, Miko faces competition from other companies, including PlayShifu, Avishkaar, and WitBlox.