Children-focused robotics startup Miko acquired 70% stake in AI-enabled gaming startup Square Off. According to a statement, the acquisition by Miko will provide an exit for Square Off's existing investors. The acquisition cost, however, was not disclosed.
Square Off connects and challenges online players all over the world. It provides its users with automated chess board games. Miko's product offerings will benefit from the acquisition. As part of the agreement, Square Off's leadership will continue to lead the company. The startups hope to generate more than $100 million in revenue by 2023. According to a Deloitte report, the Indian online gaming industry is expected to reach $2.8 billion this year (2022).