Funding Frenzy: Miko and Pilgrim Secure Major Investments to Fuel Growth and Innovation

In a remarkable display of the burgeoning potential within the tech and consumer goods sectors, Mumbai-based robotics startup Miko and D2C brand Pilgrim have recently secured substantial funding rounds, underscoring their impressive growth trajectories and market potential. Miko, operating under the emotix brand, has raised Rs 20.5 crore in a new funding round led by a group of angel investors and fintech company Moneycrew Fintech. This influx of capital brings the total amount raised by Miko to over $60 million, elevating its valuation to an impressive $206 million. The funding round saw the issuance of 679 series C CCPS at an issue price of Rs 3,02,695 each, as per a regulatory filing accessed from the Registrar of Companies (ROC). Moneycrew Fintech contributed Rs 4.5 crore, while the remaining funds were pooled from a diverse group of angel investors, including notable figures such as Amrapali B Doshi, Sanjiv Sarita, Amit Jain, Satyam Sinha, and Inderjit Kaur Arora.

Founded in 2015 by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko has garnered significant attention for its emotionally intelligent robots that leverage advanced technologies like artificial intelligence (AI) and the Internet of Things (IoT). The company’s flagship products, Miko, Miko 2, and Miko 3, are designed to provide interactive experiences for children, featuring capabilities such as facial recognition, voice recognition, and the ability to express emotions. Miko’s vision is to create a positive impact on a child’s development and learning, a mission that has resonated well with parents, educators, and tech experts alike. With the recent funding, Miko plans to expand its reach, introduce new products and features, and enhance its distribution network, marketing efforts, and technology development.

Miko’s success can be attributed to its strong team of engineers, designers, and childhood development experts who work tirelessly to innovate and improve their products. The company has established a presence in key markets, including India, the US, and the UK, positioning itself as a leader in the robotics and education industry. The additional funding is expected to further accelerate Miko’s growth and innovation, enabling the company to continue making strides in the field of emotionally intelligent robotics. As Miko continues to evolve, it remains committed to its core mission of enhancing children’s learning experiences through cutting-edge technology and interactive design.

Meanwhile, Pilgrim, a D2C brand specializing in beauty and personal care products, has also made headlines with its recent funding achievements. The company raised Rs 75 crore (approximately $9 million) in an extended Series B round led by Fireside Ventures and Vertex Ventures. This round also saw participation from NSFO Ventures, Mirabilis Investment, and NABS Vriddhi, who collectively invested Rs 27 crore. The funds will be utilized for expansion and general corporate purposes, with the potential for additional fundraising in this round. Pilgrim’s valuation has surged to approximately Rs 2,075 crore (around $250 million) post-allotment, marking a significant increase from its previous valuation of $75 million.

Pilgrim was founded in 2019 by Anurag Kedia and Gagandeep Makker, and offers a diverse range of beauty and personal care products, including face care, hair care, skincare, and fragrances sourced from various countries such as France, Korea, and Spain. The company’s growth trajectory has been impressive, with a total of $35 million raised across various funding rounds, including a $20 million Series B led by Vertex Ventures. In FY23, Pilgrim posted a 4.47x growth in scale, reaching Rs 76 crore from Rs 17 crore in FY22, although its losses also increased by 3x to Rs 23 crore during the same period. The company aims to reach an annual run rate of INR 1,000 crore by FY25, reflecting its ambitious growth plans and market potential.

The recent funding round saw Pilgrim’s board pass a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of INR 8.77 lakh each, raising a total of INR 75 crore. Fireside Ventures and Vertex Ventures contributed INR 25 crore and INR 23 crore respectively, with NSFO Ventures and Mirabilis Investment holding 5.57% and 2.81% stakes in the company. Despite the competitive landscape, Pilgrim has managed to carve out a niche for itself, competing with other prominent brands such as Mamaearth, Sugar Cosmetics, and Purplle. The company’s commitment to upholding the highest ethical standards in reporting and coverage has been a cornerstone of its operations, ensuring transparency and integrity in all its dealings.

Pilgrim’s success can be attributed to its innovative product offerings, strong brand identity, and strategic market positioning. The company has leveraged its expertise in sourcing high-quality ingredients from around the world to create products that resonate with consumers seeking effective and luxurious beauty solutions. With the recent influx of funds, Pilgrim plans to further expand its product portfolio, enhance its distribution network, and invest in marketing and technology development. The company’s goal is to continue delivering exceptional value to its customers while maintaining its commitment to ethical business practices and sustainability.

Both Miko and Pilgrim exemplify the dynamic and rapidly evolving nature of the tech and consumer goods sectors. Their recent funding successes highlight the growing investor confidence in companies that prioritize innovation, customer experience, and social impact. As these companies continue to grow and innovate, they are poised to make significant contributions to their respective industries, setting new benchmarks for excellence and redefining the future of technology and consumer goods.

For Miko, the journey ahead involves not only expanding its market presence but also continuing to push the boundaries of what is possible with emotionally intelligent robotics. The company’s focus on creating meaningful interactions between children and technology has the potential to revolutionize the way we approach education and child development. By leveraging advanced AI and IoT technologies, Miko is paving the way for a future where robots can play a crucial role in enhancing learning experiences and fostering emotional intelligence in children.

Similarly, Pilgrim’s path forward is marked by a commitment to innovation and excellence in the beauty and personal care industry. The company’s ability to source unique ingredients from around the world and create high-quality products has set it apart from its competitors. As Pilgrim continues to expand its product offerings and reach new markets, it remains dedicated to maintaining the highest standards of quality and ethical business practices. This commitment to excellence and integrity will be key to the company’s continued success and growth in the highly competitive D2C market.

The recent funding rounds for Miko and Pilgrim also underscore the importance of strategic partnerships and investor support in driving growth and innovation. For both companies, the backing of prominent investors such as Moneycrew Fintech, Fireside Ventures, and Vertex Ventures has been instrumental in providing the necessary resources and expertise to scale their operations and achieve their ambitious goals. These partnerships not only provide financial support but also bring valuable industry insights and strategic guidance, helping the companies navigate the complexities of their respective markets.

As Miko and Pilgrim continue to build on their successes, they serve as inspiring examples of what can be achieved through a combination of innovation, strategic vision, and unwavering commitment to excellence. Their journeys offer valuable lessons for other startups and entrepreneurs looking to make their mark in the tech and consumer goods sectors. By staying true to their core values and continuously striving for improvement, Miko and Pilgrim are well-positioned to lead the way in their industries and shape the future of technology and consumer products.

In conclusion, the recent funding rounds for Miko and Pilgrim represent significant milestones in their respective journeys, highlighting their impressive growth and market potential. These companies have demonstrated a strong commitment to innovation, customer experience, and ethical business practices, earning the trust and support of investors and consumers alike. As they continue to expand and innovate, Miko and Pilgrim are poised to make lasting impacts in their industries, setting new standards for excellence and redefining the future of technology and consumer goods. Their stories serve as powerful reminders of the transformative power of innovation and the importance of staying true to one’s vision and values in the pursuit of success.