Agritech robotics firm Niqo Robotics, formerly known as TartanSense, has secured a significant investment of Rs 74.7 crore or $9 million in its latest funding round led by Brida Innovation Ventures. This fresh infusion of capital comes after a gap of three years for the Bengaluru-based company, signalling renewed investor confidence in its vision and technology.
According to regulatory filings accessed from the Registrar of Companies, Niqo Robotics’ board passed a special resolution to issue 8,577 preference shares at Rs 87,090 each, resulting in the fundraising total.
Brida Innovation Ventures spearheaded the investment with Rs 41.5 crore while existing investor Omnivore Partners also participated by subscribing Rs 33.2 crore to the round.
With this round, Omnivore Partners emerges as the most significant external stakeholder in Niqo Robotics, holding 25.7% of the company. Brida Innovation Ventures and Blume Ventures follow with 18% and 10.7% stakes, respectively. Founder Jaisimha Rao retains over a quarter of the company’s ownership.
Established in 2015 by Jaisimha Rao, Niqo Robotics specializes in developing compact agricultural robots equipped with AI-driven computer vision technology to reduce costs and enhance farmers’ profitability.
The company underwent rebranding to Niqo Robotics in March of the previous year, signifying its evolution and broader ambitions in the agritech sector.
Having raised $16 million to date, Niqo Robotics secured $5 million in a Series A round from FMC, Omnivore, and Blume Ventures in August 2021, following a $2 million Seed round in 2019.
While the financials for FY24 are yet to be disclosed, Niqo Robotics’ Indian entity largely remained in the pre-revenue stage, reporting revenue of only Rs 1.3 crore during FY23. However, its losses doubled to Rs 9.8 crore in the fiscal year ending March 2023.
Despite these challenges, the company continues to make strides in advancing its technology and expanding its market reach, fueled by the recent infusion of funds. The latest investment underscores the growing interest and support for innovative solutions in the agricultural sector, positioning Niqo Robotics for further growth and impact in future years.
