Robotics Startup Miko Aims to Raise INR 28 Cr Via Preferential Issue, Gets Shareholders’ Nod

Manvendra HadaNovember 29, 2024

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Three points you will get to know in this article:

Miko aims to use the extra money to fund business obligations and for general corporate reasons,
according to the statement.
IvyCap Ventures will increase its ownership holding to 9.43% after the issue of preferred shares.
Miko will issue up to 924 Series C compulsorily convertible preference shares (CCPS) to IvyCap Ventures
at an issue price of INR 3.02 lakh each.

Miko Eyes Funding Via Preferential Shares, Gets Shareholders’ Approval

Miko, an AI-driven robotics business, has gained shareholder approval to finance INR 27.96 crore (about $3.30 million) from IvyCap Ventures through the issuance of preference shares.

Miko was founded in 2015 and produces AI-powered teaching robots to engage and educate youngsters aged 5 to 10. It describes itself as a consumer robotics innovation lab that provides advanced technologies to young learners.

In a filing with the Registrar of Companies, the business stated that it will obtain the funds by issuing up to 924 Series C compulsorily convertible preference shares (CCPS) to IvyCap Ventures at an issue price of INR 3.02 lakh each.

Miko Plans with New Funding, IvyCap Ventures’ Stake in Miko

According to the filing, the company intends to use the new cash to cover commercial obligations as well as general corporate reasons.

“Upon becoming fully paid-up Series C CCPS will be compulsorily convertible to equity shares at the option of the Series C CCPS holder at any time no later than a Liquidation Event (as defined in the shareholders’ agreement or the expiry of 19 years from the allotment date, whichever is earlier,” according to the filing.

Following the allotment of preference shares, IvyCap Ventures’ equity holding will increase to 9.43%, the company said.

Developments in Indian Robotics Startup Space

The development occurs at a time when the Indian startup ecosystem is seeing an increase in AI-powered and robotic automation firms.

Recently, Bengaluru-based robotics startup CynLr raised $10 million in a Series A fundraising round headed by Pavestone and Athera Venture Partners.

Theranautilus, a deeptech business that builds magnetically controlled nanorobots, acquired $1.2 million in a seed fundraising round led by pi Ventures.

In October, robotics firm Perceptyne raised $3 million in a seed round sponsored by Endiya Partners and Yali Capital.

According to a Goldman Sachs Equity Investment research, the market for humanoid robots is estimated to reach $38 billion by 2035.