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Mumbai-based Miko recorded 18X growth in revenue in FY23, losses cross Rs 100 Cr

  • January 25, 2024
  • By Team TheKredible
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Mumbai-based robotics focused company Miko recorded an 18X revenue growth to Rs 228.5 crore in FY23. Of this, revenue from operations contributed approximately Rs 225 crore. The previous fiscal year the company saw a revenue of Rs 12.6 crore with close to Rs 10 crore coming in from operations.

Founded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko is an advanced consumer robotics innovations lab which creates emotionally intelligent robots which leverage artificial intelligence and the Internet of Things (IoT) to develop its flagship brand.

Its latest product, Miko 3, is an AI-powered intelligent robot that uses playful, conversational learning to educate, engage, and entertain kids aged 5-10 years. It has an adaptive personality, dozens of emotions, and millions of topics and themes to learn from. It also allows child-focused content partners and developers to port their content on Miko and monetize via subscription.

As for the expenses, the 2015 established company also saw expenses amounting Rs 325.3 crore, a 7X spike as compared to FY22’s Rs 46.7 crore. Its top expenses for the fiscal year were cost of materials and advertisements and promotions spending over Rs 128 crore and close to Rs 63 crore respectively.

Along with a considerable growth in revenue, Miko also witnessed a 3.7X spike to Rs 107.7 crore in the fiscal year ending March 2023. Its EBITDA margins stood at -25.85% and ROCE was -46.81%. In FY22, it saw losses amounting to Rs 28.7 crore.

It has raised a total of Rs 461.1 crore over 12 funding rounds with the latest being a debt financing round held in May 2022 led by Stride Ventures. Previously it had raised an extended Series B round of Rs 215 crore from the likes of IIFL Asset Management, Chiratae Ventures, IvyCap Ventures, and YourNest.

Post the infusion of its latest round, Miko’s largest shareholder were investors Chiratae Ventures and IvyCap Ventures holding over 13%.