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Exclusive: Miko set to raise Rs 28 Cr in Series C round

EntrackrEntrackr · 9m ago
Exclusive: Miko set to raise Rs 28 Cr in Series C round
Medial

Robotics firm Miko, a product of Emotix, is raising Rs 28 crore ($3.3 million) as part of its Series C round. This new tranche comes just three months after its previous tranche for the Mumbai-based startup. In August, it raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors at a valuation of $200 million. Entrackr exclusively reported the development then. The board of Miko has passed a resolution to issue upto 924 Series C CCPS at an issue price of Rs 3,02,694.58 each aggregating to Rs 27.96 crore to IvyCap Ventures Trust Fund III, in one or more tranches. The company will deploy funds for business requirements and for general corporate purposes including inter alia for funding continued research and product development, sales and marketing cost and operating expenses and working capital. Miko specializes in emotionally intelligent robots, integrates artificial intelligence (AI) and the Internet of Things (IoT) into its flagship products: Miko, Miko 2, and Miko 3. Following the success of its first-generation robots, the firm introduced an advanced version equipped with voice-recognition technology, enabling the devices to see, hear, sense, express, talk, and recognize faces. The company claims to serve customers across 140 countries, including regions like the US, Europe and the Middle East. To date, Miko has raised over $60 million, including a $29 million Series B funding round led by IvyCap Ventures in 2021. According to startup intelligence platform TheKredible, prior to this round, Chiratae Ventures held the largest external stake at 13.77%, followed by IvyCap Ventures with 13%. While Miko’s Indian entity has yet to file its annual financial report for FY24, its revenue from operations surged 137.5% to Rs 225.6 crore in FY23 as compared to Rs 95 crore in FY22. The company’s losses also rose 39% to Rs 107.7 crore in FY23. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

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Exclusive: Miko raises fresh capital at over $200 Mn valuation

EntrackrEntrackr · 1y ago
Exclusive: Miko raises fresh capital at over $200 Mn valuation
Medial

Robotics firm Miko, a product of Emotix, has raised Rs 20.5 crore (approximately $2.5 million) in a new round from a group of angel investors. This fresh equity infusion comes after a two-year hiatus for the Mumbai-based company. The board at Miko has passed a special resolution to issue 679 Series C CCPS at an issue price of Rs 3,02,695 each to raise Rs 20.55 crore or $2.5 million, its regulatory filing accessed from the Registrar of Companies shows. Moneycrew Fintech injected Rs 4.5 crore while the rest of the sum was poured in by angel investors including Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, Inderjit Kaur Arora, and others. According to TheKredible’s estimates, the company has been valued at around Rs 1,711 crore or $206 million post-allotment. This is a 2.3X jump in the valuation as compared to its last equity round. Miko creates emotionally intelligent robots that leverage artificial intelligence and the Internet of Things (IoT) in developing its flagship brands Miko, Miko 2 and Miko 3. After the success of its first-generation robots, the company launched an advanced version that uses voice-recognition technology to see, hear, sense, express, talk, and recognize faces. Miko has raised over $60 million to date including its $29 million Series B round led by Ivycap Ventures in 2021. According to the startup data intelligence platform TheKredible, prior to this round Chiratae Ventures was the largest external stakeholder with 13.77% followed by IvyCap Ventures with 13%. See TheKredible for the complete shareholding pattern. The Chiratae-backed startup showcased impressive 2.3X growth to Rs 225 crore in FY23 from Rs 95 crore in FY22. However, the bottom of the company stood at Rs 108 crore in FY23. Miko is yet to file annual results for FY24.

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation

EntrackrEntrackr · 4d ago
Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation
Medial

Exclusive: Robotics startup Miko to raise $155 Mn at $550 Mn valuation Child companion robot maker Miko is raising Rs 1,325 crore ($155 million) in its Series D round from AMDG-PAX Foundation, a US-based non-profit organisation. The board of RN Chidakashi Technologies Private Limited, which operates under the brand name Miko, has passed a special resolution to issue 22,465 preference shares at an issue price of Rs 5.9 lakh each to raise the sum, its regulatory filing with the Registrar of Companies (RoC) shows. According to the filing, the fresh proceeds will be utilized to meet business requirements and other general corporate purposes. Entrackr estimates the company’s post-money valuation at around $550 million, a 2.7X increase from its previous round. Queries sent to Miko on Friday did not receive any response until the story was published. Miko.ai runs on a hybrid model, selling AI-powered robots such as Miko Mini and Miko 3 priced in the Rs 15,000–25,000 range, while also pushing its premium subscription Miko Max to drive recurring revenues beyond device sales. The company claims to serve customers in over 140 countries, including the US, Europe, and the Middle East. So far, Miko has raised over $75 million (excluding this round), including a $29 million Series B round led by IvyCap Ventures. According to the filing, AMDG-PAX Foundation will hold 27.87% (post-allotment) of the firm. While Miko’s Indian entity has yet to file its FY25 annual report, its revenue from operations grew 58% to Rs 358 crore in FY24, compared to Rs 225 crore in FY23. Its losses stood at Rs 120 crore in FY24. Miko competes with PlayShifu, Avishkaar, and WitBlox, among others.

Exclusive: Eggoz to raise Rs 125 Cr led by Gaja Capital

EntrackrEntrackr · 2m ago
Exclusive: Eggoz to raise Rs 125 Cr led by Gaja Capital
Medial

Eggoz, a consumer brand for eggs, is raising Rs 125 crore, approximately ($14.7 million) in its Series C round led by Gaja Capital with the participation of existing investors IvyCap Ventures and Redbright Partners. The board at Eggoz has passed a special resolution to issue 1 equity and 15,334 Series C preference shares at an issue price of Rs 81,511 each to raise Rs 125 crore or $14.7 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Gaja Capital will spearhead the round with Rs 100 crore, while IvyCap Ventures and Redbright Partners will inject Rs 20.95 crore and Rs 4.05 crore, respectively. According to Entrackr’s estimates, the company will be valued at around Rs 480-500 crore or $55-58 million post-money. This marks a 60% increase in the valuation when compared to its last round. Founded in 2017 in Bihar by Abhishek Negi, Aditya Singh, and Uttam Kumar, Eggoz operates an asset-light, farmer-led model that ensures fresh eggs reach retailers within 24 hours. The brand has scaled its presence across Delhi-NCR, Bengaluru, Kolkata, Jaipur, Lucknow, and several non-metro cities. In a bid to diversify, Eggoz has also forayed into ready-to-cook offerings such as momos, burger patties, nuggets, and more. Eggoz has raised over $27 million in total funding so far. This includes an $8.8 million Series B round led by IvyCap Ventures. Before this, the company had secured $3.5 million in its Series A round and Rs 3.7 crore during its seed stage. The company has yet to file its FY25 numbers. Eggoz has recorded a 33.6% year-on-year increase in its revenue to Rs 73.1 crore in FY24, while the losses of the firm reduced by 24% to Rs 25 crore in the same period.

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge

EntrackrEntrackr · 6m ago
Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge
Medial

Exclusive: The Whole Truth kicks off Series C with 3.6X valuation surge Clean-label health food brand The Whole Truth is raising Rs 133.3 crore (approximately $15.8 million) in a series C round led by Sofina Ventures, with the participation of Peak XV and Matrix Partners. The board at The Whole Truth has passed a special resolution to issue 45,097 Series C preference shares at an issue price of Rs 29,556.5 each to raise Rs 133.3 crore or $15.8 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Sofina Ventures is leading the Series C round with an investment of Rs 65.8 crore, while Peak XV and Matrix Partners will contribute Rs 25 crore and Rs 29.5 crore, respectively. Sauce Continued Fund will also participate with an investment of Rs 13 crore. The fresh funds will be used to meet financial requirements and support business expansion. According to Entrackr’s estimates, the Mumbai-based company will have a post-allotment valuation of approximately Rs 2,135 crore ($254 million). This marks a 3.6X increase in valuation compared to its previous Series B round, which closed at $70 million. According to the filings, after the fresh funding round, Peak XV will hold 21.14% of the firm, while Matrix Partners will own 21.4%. Sofina Ventures and Sauce Continuity will hold 3.08% and 3.77%, respectively. The Whole Truth was reportedly in discussions to raise $25 million in a new funding round. The company has secured $15.8 million so far and may raise additional funds as the round progresses. The Whole Truth offers a range of products, including protein bars, peanut butter, dark chocolates, energy bars, immunity balls, and muesli. The company provides subscription options and claims that 80-85% of its sales come from its website, with the remaining revenue generated through partnerships. The Whole Truth recorded an 81% year-on-year growth, with revenue rising to Rs 65.3 crore in FY24 from Rs 35.96 crore in FY23. The company reduced its losses by 33% during the same period.

Exclusive: Altum Credo to raise Rs 100 Cr in Series C round

EntrackrEntrackr · 1m ago
Exclusive: Altum Credo to raise Rs 100 Cr in Series C round
Medial

Housing finance company Altum Credo is raising Rs 100 crore (approximately $11.8 million) in its ongoing Series C round from existing investor British International Investment. This will follow its $40 million Series C round in April last year, which comprised $27 million in primary capital and $13 million in secondary transactions, providing a partial exit to its early investors. The board at Altum Credo passed a resolution to issue 57,80,347 Series C1 CCPS at an issue price of Rs 173 each to raise Rs 100 crore, according to its regulatory filing accessed from Registrar of Companies (RoC). The proceeds from this funding will be used to expand the company’s lending operations and geographic reach, filling added. According to Entrackr’s estimates, the company will be valued at Rs 1,694 crore (approximately $200 million) post-allotment, reflecting a 60% increase from its $124 million valuation in the previous fundraise. Founded in 2016, Altum Credo provides housing finance to economically weaker and low-income groups, offering home loans ranging from Rs 4 lakh to Rs 40 lakh for tenures of 5–20 years. It focuses on first-time homebuyers in semi-urban and rural India. According to startup data intelligence platform TheKredible, the Pune-based company has raised $70 million since inception. Following the allotment of this round, British International Investment will be holding a 9.04% stake in the company while its promoters Ganesh Rao, Ashish Tiwari and Vikrant Bhagwat will collectively retain a 18.26% stake. In the fiscal year ended March 2024, Altum Credo posted a 67% increase in operating revenue to Rs 112.87 crore, while its profit more than doubled to Rs 20 crore during the same period. Apart from Altum Credo, players like Aviom, Easy Home Finance, Basic Home Loan, and Andromeda also operate in the same space.

Fleetx set to raise over Rs 100 Cr in Series C round

EntrackrEntrackr · 3m ago
Fleetx set to raise over Rs 100 Cr in Series C round
Medial

SaaS-based fleet and logistics management platform Fleetx.io is all set to raise more than Rs 100 crore ($12 million) in its Series C round, three sources aware of the development told Entrackr. "Fleetx is set to raise over Rs 100 crore in its Series C round, with the majority of the funding coming from existing investors," said one of the sources. "Around 60-70% of the total will be raised as primary capital." Founded in 2017 by Vineet Sharma, Abhay Jeet Gupta, Udbhav Rai, Parveen Kataria, and Vishal Misra, Fleetx provides a range of IoT and software-driven solutions designed to help fleet operators and industries digitize their logistics processes. The Gurugram-based startup had raised $19.4 million in its Series B round led by IndiaMart with participation from IndiaQuotient and BEENEXT in February 2022. IndiaMart and BEENEXT are likely to participate in the round, which is expected to value Fleetx.io at around Rs 1,200 crore. The secondary component will provide exits for early backers, including angel investors,” said a second source who also requested anonymity. Sources indicate that the terms of the deal have been finalized, and if everything proceeds as planned, the round will be public soon. Queries sent to Fleetx, IndiaMart and BEENEXT did not receive a response by the time of publication. For the fiscal year ending in March 2024, Fleetx reported Rs 56.58 crore in operating revenue against Rs 41.63 crore in FY23. The company managed to control its losses by more than 55% to Rs 24.21 crore in FY24 from Rs 54.33 crore in the previous fiscal year. It has yet to file its annual report for FY25.

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge

EntrackrEntrackr · 29d ago
Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge
Medial

Exclusive: The Sleep Company to kick off Series D round with 80% valuation surge Sleep solution startup The Sleep Company is set to raise Rs 105 crore ($12.3 million) in its Series D round led by Saffron Investments with the participation from Carillon Investments and Infinity Partners. The company last raised $22 million in a Series C round led by Premji Invest and Fireside Ventures in December 2023. According to its filing with the Registrar of Companies (RoC), The Sleep Company’s board passed a resolution to approve the issue of 19,093 Series D CCPS at an issue price of Rs 55,130 each to raise the above-mentioned amount. Saffron Investments will lead the round with an investment of Rs 87.73 crore ($10.3 million), while Carillon Investment and Infinity Partners will contribute Rs 9.74 crore and Rs 7.77 crore, respectively. The filing added that the proceeds from this round will be used for growth, expansion, and general corporate purposes. This seems like a part of a bigger round, and the company might raise more during the same round. According to Entrackr’s estimates, the Mumbai-based company will be valued at Rs 2,745 crore (approximately $323 million), marking an 80% surge in valuation compared to around Rs 1,500 crore during its previous $22 million round. The valuation will increase in case of more inflow of funds during the ongoing Series D. The Sleep company was reportedly in talks to raise $50 million from ChrysCapital in a mix of primary and secondary transactions. Founded in 2019, D2C sleep solutions startup The Sleep Company offers a range of products, including mattresses, pillows, cushions, bedding, and office chairs. The company sells its products through both e-commerce platforms and offline retail channels. According to startup data intelligence platform TheKredible, it has raised around $49 million to date from the likes of Premji Invest and Fireside Ventures. Following the allotment of this round, Saffron Investments will be holding a 3.2% stake in the company. For the fiscal year ended March 2024, the D2C brand’s revenue surged 2.5X to Rs 312 crore from Rs 127 crore in FY23. Despite the growth, the losses of the company rose by 58% to Rs 58.69 crore during the same period. The Sleep Company competes with Wakefit, which recently filed its DRHP with SEBI to raise Rs 468 crore via fresh issue. It also competes with SleepCat, Duroflex, among others.

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C

EntrackrEntrackr · 7m ago
Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C
Medial

Exclusive: Zypp Electric raises $6.5 Mn in ongoing Series C B2B delivery and shared mobility startup Zypp Electric is raising Rs 55.4 crore ($6.5 million) from 16 investors, which seems to be part of the ongoing Series C funding round for the Gurugram-based company. The board at Zypp Electric has passed a special resolution to issue 564 Series C2 CCPS at an issue price of Rs 9,83,005 each to raise Rs 55.4 crore, its regulatory filing accessed from the Registrar of Companies shows. Individuals including Ajay Kumar Aggarwal, Samir Goenka, Narinder Bajaj, Kapil Kriplani, Vega Industries, Gagan Khanna, Supersonic Carrier, Nirmal K Bathwal, and 10 other investors will cumulatively participate during the investment. According to Entrackr’s estimates, the company will be valued at around $335-350 million. This seems to be part of an ongoing round, and the valuation may vary with further injection. According to the company, it may raise up to $50 million in the Series C fundraise. In May last year, Zypp kicked off the new round with a $15 million tranche led by ENEOS. The company was backed by IAN Fund, 9 Unicorns (now 100 Unicorns), Anthill Ventures, Eiman Abdullah Mahfood Al Qatar, and others. Founded by Akash Gupta and Rashi Agrawal in 2017, Zypp Electric is an EV-as-a-service platform offering electric vehicle rentals along with delivery services through its e-scooter fleet for gig workers. The company claims to have around 22,000 active vehicles in its fleet, with 15,000 in Delhi NCR, 4,000 in Bengaluru, and 1,200 in Mumbai. Zypp Electric witnessed significant 2.6X growth, with its operating revenue crossing Rs 290 crore during the fiscal year ended March 2024. However, in pursuit of scale, the losses for the firm rose 2.2X to Rs 91 crore in the same period.

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