Child companion robot maker Miko, a product of Emotix has grown at a fast pace in the past couple of years. The growth can be witnessed from its scale which skyrocketed to cross Rs 200 crore mark in FY23. In FY21, its revenue was just under Rs 30 crore.
Miko’s revenue from operations surged 137.5% to Rs 225.6 crore during the fiscal year ending March 2023 as compared to Rs 95 crore in FY22, the company’s consolidated annual financial statement with the Registrar of Companies shows.
Founded by Sneh Vaswani, Prashant Iyengar and Chintan Raikar, Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription.
Miko serves customers across 140 countries, including regions like the US, Europe and Middle East.
Miko’s lineup includes Miko Mini, a small robot designed to ignite curiosity and foster skills in kids through interactions and educational content. Miko Max provides curated adventures for learning reading and comprehension, while Miko 3 offers advanced features and educational content. Additionally, Miko Chess – Grand is an automated chessboard that enhances the chess experience with AI integration.
The company made the majority of its revenue from sales of products (robots) while a small part came from subscription services of content applications. Miko also generated Rs 2.88 crore non-operating income during the year which majorly includes interest and gains on financial assets. Overall, the company’s income spiked to Rs 228.5 crore in FY23.
Coming to expenses, cost of materials found to be the largest expense forming 37.3% of the total cost. This expense surged 88% to Rs 121.45 crore in FY23 from Rs 64.56 crore in FY22. Advertising & promotional cost of the company also increased 40.8% to Rs 62.89 crore during the year from Rs 44.67 crore in FY22.
Expenses Breakdown
https://thekredible.com/company/miko/financials
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https://thekredible.com/company/miko/financials
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- Cost of materials
- Advertisment & promotions
- Employee benefits
- Travelling conveyance
- Others
Further, spending on employee benefits, traveling conveyance and other operating and admin expenses pushed the total expenditure of the company by over 75% to Rs 325.3 crore during FY23. In the previous fiscal year (FY22), Miko’s total expenditure was at Rs 185.5 crore.
At the end, Miko’s losses rose 39% to Rs 107.7 crore during FY23 against Rs 77.5 crore in FY22. However, compared to more than 2X rise in topline, the company managed to keep a tap over losses.
For complete expense breakdown and year-on-year financial performance of the company, head to startup intelligence platform TheKredible.
Additionally, operating cash outflows also improved by 92% to Rs 7.6 crore during the last fiscal year.
Followed by the rising scale, EBITDA margin of the firm bettered to -25.84% in FY23 whereas ROCE registered at -46.81%. On a unit level, Miko spent Rs 1.44 to earn a rupee of operating revenue during the fiscal year.
FY22-FY23
| FY22 | FY23 |
| EBITDA Margin | -69.31% | -25.84% |
| Expense/₹ of Op Revenue | ₹1.95 | ₹1.44 |
| ROCE | -41.32% | -46.81% |
As per TheKredible, Miko has raised over $62 million to date from the likes of Chiratae Ventures, IvyCap Ventures, Yournest and IIFL among others. This includes a Rs 100 crore debt raised from Stride Ventures in May 2022. Entrackr had exclusively reported about the development at that time.
