Miko Robotics: Growth and Financial Insights

Miko, a Mumbai-based robotics and AI firm, has made a noteworthy mark by delivering interactive robots aimed at children. In its fiscal year ending March 2024, Miko achieved a remarkable 58% increase in revenue.

Revenue Highlights of Miko Robotics

Miko’s revenue from operations surged to Rs 358 crore in FY24, rising from Rs 226 crore in FY23, as per the consolidated financial statement obtained from the Registrar of Companies (RoC).

Focus on Child Engagement

The company designs personal companion robots tailored for educating and entertaining children aged between 5 and 11 years. Additionally, Miko offers opportunities for child-centric content partners and developers to integrate their content on the platform, enabling them to earn through subscriptions.

Revenue Breakdown

The majority of Miko’s revenue is attributed to the sales of its robotic products. However, a smaller yet significant portion comes from subscription services associated with content applications. In FY24, revenue from product sales climbed by 46% to Rs 329 crore, while income from subscription services dramatically increased—growing twenty-nine-fold from Rs 1 crore to Rs 29 crore in the same period.

Expense Analysis

On the expenditure side, the primary cost driver was the material cost, which surged by 50% to Rs 182 crore. Advertising expenses, indicative of brand enhancement initiatives, saw a whopping 79% increase to Rs 113 crore. The depreciation cost also rose significantly, climbing 206% year-on-year to Rs 95 crore in FY24. Conversely, employee benefit expenses witnessed a 23% decline to Rs 30 crore during this fiscal year.

Total Expense Overview

Overall, Miko’s total expenses rose by 55% year-on-year to Rs 505 crore in FY24, compared to Rs 325 crore in FY23. For a complete breakdown of expenses, further information can be sourced from various platforms.

Financial Outcomes

Miko reported a net loss of Rs 120 crore in FY24, an increase from Rs 108 crore in FY23. The company’s ROCE and EBITDA margin recorded at -85.71% and -8.45%, respectively. On a unit economics perspective, Miko spent Rs 1.41 to earn each rupee in FY24.

Current Assets Overview

The Mumbai-based startup listed current assets valued at Rs 297 crore in FY24, which includes Rs 89 crore in cash and bank deposits.

Funding and Ownership Structure

According to data from startup intelligence platforms, Miko has secured a total of $76 million in funding to date, with Chiratae Ventures and Yournest as primary investors. The co-founders, Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, collectively hold a 19% share in the company.