Miko Revenue Surpasses Rs 225 Crore in FY23 with Remarkable Growth


Miko, the renowned child companion robot manufacturer under Emotix, has witnessed exceptional growth over the past few years, marking a significant milestone as its revenue soared past the Rs 200 crore mark in FY23. This impressive achievement reflects a remarkable surge, especially considering its revenue stood at just under Rs 30 crore in FY21.


According to the company’s consolidated annual financial statement filed with the Registrar of Companies, Miko’s revenue from operations experienced a staggering 137.5% increase, reaching Rs 225.6 crore in the fiscal year ending March 2023, compared to Rs 95 crore in FY22.


Founded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko develops personal companion robots tailored to educate and entertain children aged 5 to 11. The company also collaborates with child-focused content partners and developers, enabling them to integrate their content onto the Miko platform and monetize it through subscription services.


With a global presence spanning 140 countries, including prominent regions such as the US, Europe, and the Middle East, Miko has established itself as a leading player in the child tech industry.


Miko’s product lineup includes Miko Mini, which is designed to stimulate curiosity and enhance skills through interactive educational content. Meanwhile, Miko Max offers curated learning adventures focused on reading and comprehension, and Miko 3 boasts advanced features and educational content.


Additionally, Miko Chess – Grand revolutionizes the chess experience with AI integration.


Miko’s revenue is generated from product sales, primarily robots, supplemented by a smaller portion from subscription services for content applications. Moreover, the company reported a non-operating income of Rs 2.88 crore, mainly comprising interest and gains on financial assets, contributing to an overall revenue of Rs 228.5 crore in FY23.


Despite the impressive revenue growth, Miko’s expenses also substantially increased. Material costs constituted the most significant expense, accounting for 37.3% of the total cost and surging by 88% to Rs 121.45 crore in FY23. Additionally, advertising and promotional costs increased by 40.8% to Rs 62.89 crore during the year.


Other operating expenses, including employee benefits, travel conveyance, and administrative costs, collectively contributed to a total expenditure of Rs 325.3 crore in FY23, reflecting a significant rise compared to Rs 185.5 crore in FY22.


Although Miko’s losses increased by 39% to Rs 107.7 crore in FY23, compared to Rs 77.5 crore in FY22, the company effectively managed to contain losses despite its substantial revenue growth.


On a positive note, operating cash outflows improved by 92% to Rs 7.6 crore during the last fiscal year. Furthermore, the company’s EBITDA margin improved to -25.84% in FY23, while ROCE registered at -46.81%. In terms of unit economics, Miko expended Rs 1.44 to generate one rupee of operating revenue throughout the fiscal year.


As per a report, Miko has raised over $62 million from prominent investors such as Chiratae Ventures, IvyCap Ventures, Yournest, and IIFL. This includes a Rs 100 crore debt raised from Stride Ventures in May 2022.