The Mumbai-based robotics company has raised INR 50 Cr led by investment firm IvyCap Ventures
The funding round saw participation from existing investors Chiratae Ventures, YourNest and angel investors
The company aims to use the capital to fund product development and build global alliances
Mumbai-based robotics company Emotix has raised INR 50 Cr led by investment firm IvyCap Ventures. The round saw participation from existing investors, Chiratae Ventures, YourNest Capital, and angels.
Inc42 had exclusively reported part of the round earlier this week, which has now been confirmed by the company.
Founded in January 2015 by IIT Bombay alumni Chintan Raikar, Prashant Iyengar and Sneh Vaswani, Emotix develops educational and recreational robot toys for children. The company has so far launched three products under the Miko range of educational robots.
In 2018, the company launched AI-enabled Miko 2 to follow up the first-gen model, with advanced features and improved emotional intelligence. The company also launched Miko Plus, which was an upgrade to the first-gen Miko.
In 2018, Emotix raised $2 Mn funding led by IDG Ventures India and YourNest. In July 2019, it raised $2.69 Mn (INR 18.58 Cr) as part of a larger funding round. The following month, it raised another INR 53.42 Cr ($7.5 Mn) Series funding round led by Chiratae Ventures.
In September 2019, the company raised another 15.98 Cr from investors such as WNS group CEO and NASSCOM’s chairman Keshav Rurugesh, Inderjit Kaur Arora, Suresh Subramani, Giridhar Sanjeevi and a few others. Last year in October, the Learning robots maker raised INR 13.3 Cr in its extended Series A round led by Chiratae Ventures.
The company said it is witnessing a massive surge in demand amid the pandemic. Miko is also aiming to launch a portfolio of new products in the coming years. The company is aiming to use the raised capital to fund product development and strengthen global alliances as the company builds a strong global brand
The investment from IvyCap Ventures comes after a couple of major exits for the investor. It sold its entire stake in online retailer Purplle with a massive INR 330 Cr exit, which translated to a whopping 22X returns. IvyCap had acquired a 30% stake in the company in 2015 for INR 15 Cr.
Besides this, last week, IvyCap Ventures sold its stake in business-to-business (B2B) healthtech platform Pharmarack at an internal rate of return (IRR) of 104%. The firm sold its stake in an acquisition deal for INR 42 Cr ($5.5 Mn) after investing INR 21 Cr ($2.8 Mn) in 2019.
