Robotics startup Miko's FY23 revenue climbs 137.5% to Rs 226Cr

Miko, the child companion robot maker under the banner of Emotix, has reported a 137.5% increase in revenue from operations to Rs 225.6 crore during the fiscal year ending March 2023, compared to Rs 95 crore in FY22, Entrackr reported.

Miko's global footprint 

Founded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko has established a strong presence in over 140 countries, including key markets like the US, Europe, and the Middle East.

The startup product line, including Miko Mini, Miko Max, Miko 3, and Miko Chess–Grand, caters to children aged 5 to 11 years, focusing on education and entertainment through advanced features and interactive content. 

It follows an innovative approach, wherein it allows content partners and developers to port their content on Miko and monetize through subscriptions.

Revenue streams and financial performance

The majority of Miko's revenue stems from the sales of its robots, with a smaller portion coming from subscription services for content applications. The company also reported a non-operating income of Rs 2.88 crore during FY23, primarily from interest and gains on financial assets, bringing its total income to Rs 228.5 crore.

Despite the impressive top-line growth, Miko's expenses also saw a significant increase, with the cost of materials and advertising & promotional costs being the major contributors.

Managing expenses amidst growth

Miko's total expenditure surged by over 75% to Rs 325.3 crore in FY23, up from Rs 185.5 crore in FY22. The cost of materials alone jumped 88% to Rs 121.45 crore. However, the company managed to keep a check on its losses, which rose by 39% to Rs 107.7 crore during FY23, compared to Rs 77.5 crore in FY22.