Robotics company Miko has acquired a majority stake in robotics-based chess game start-up Square Off in a stock and cash deal. The development has come after five months of Miko’s $13.4 million debt round from Stride Ventures, according to Entrackr.
Miko's board has passed a special resolution to issue 250 Series C1 Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 4,60,560.35 per share worth Rs 11.50 crore against 14,596 equity and preference shares of Square Off, according to its regulatory filing with the Registrar of Companies (RoC).
Miko’s board has also decided to invest Rs 7.60 crore in Square Off and another Rs 3.80 crore in cash consideration against the remaining shares held by the founders, the company mentioned in the filing.
Square Off Chess is a physical chessboard, which is connected to its app. It enables users to play against the board or anyone from across the globe.
According to Crunchbase, the company has raised $1.6 million from investors such as Kstart Capital, India Quotient and RB Capital. Over the years, it also launched edtech platform Square Off ‘Viktor, learning tool Smart Piano and interchangeable surface gaming platform Swap X.