Bengaluru based Niqo Robotics ropes $9 million in a fresh funding round

The robotics firm in the agritech field Niqo Robotics, which was formerly known as TartanSense has recently raised Rs. 74.7 crore or $9 million in a new round led by Brida Innovation Ventures. This fresh influx of funding came after a long period of three years for this Bengaluru-based company.

According to the regulatory filing accessed by the Registrar of Companies, the managerial board of Niqo Robotics has has passed a special resolution to issue 8,577 preference shares at a price of Rs. 87,090 each to raise Rs. 74.7 crore.

Bidra Innovation Ventures parked an amount of Rs. 41.5 crore in the company while exiting investor Omnivore Partners also subscribed to the round with Rs. 33.2 crore.

As per data of startup data intelligence platform TheKredible, the company has been valued at around Rs 290 crore or $35 million (post-money).

Counting the freshly infused proceeds Omnivore Partners emerged as the largest external stakeholder with 25.7% followed by Brida Innovation and Blume Ventures which commanded 18% and 10.7%, respectively. Its sole founder Jaisimha Rao holds more than a quarter of the company.

The startup was founded by Jaisimha Rao in 2015 in order to craft compact agricultural robots empowered with AI-driven computer vision technology which claims to reduce costs and increase profitability.

During March last year, the company declared their rebranding TartanSense to Niqo Robotics. It has raised $16 million to date including its $5 million in Series A round from FMC, Omnivore, and Blume Ventures in August 2021. The firm also scored a $2 million Seed round in 2019.

The firm which is operating as Indian entity for nine years, has largely remained in pre-revenue stage with a revenue of only Rs. 1.3 crore during FY23. At the same time, its losses spiked 2X to Rs. 9.8 crore in the fiscal year ending March 2023.