Miko-Maker Emotix To Raise INR 1,325 Cr From AMDG-PAX Foundation

Mumbai-based robotics company Emotix has received board approval to raise around INR 1,325.37 Cr ($151 Mn) from AMDG-PAX Foundation through issuance of preferential shares.

According to the Ministry of Corporate Affairs filing accessed by Inc42, Emotix’s board approved the issue of 22,464 Series D2 CCPS to AMDG-PAX Foundation at an issue price of INR 5,90,000 per share on March 28.

Entrackr reported the development first.

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 on 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.

The post Miko-Maker Emotix To Raise INR 1,325 Cr From AMDG-PAX Foundation appeared first on Inc42 Media.