Mumbai-based robotics and AI startup Miko has reported a net loss of ₹120 crore for the fiscal year 2023-24 (FY24), an increase from ₹108 crore in FY23. Despite the widening losses, the company achieved significant revenue growth, with total revenue rising by 58% year-on-year to ₹358 crore in FY24, up from ₹226 crore in FY23.
🚀 Revenue Growth Driven by Product Sales and Subscriptions
Miko’s revenue growth in FY24 was primarily driven by a 46% increase in product sales, totaling ₹329 crore. Additionally, the company’s subscription services saw a remarkable 29-fold increase, generating ₹29 crore compared to ₹1 crore in the previous fiscal year.
💸 Rising Expenses Contribute to Increased Losses
The company’s total expenses grew by 55% year-on-year to ₹505 crore in FY24, up from ₹325 crore in FY23. Key contributors to this increase included a 50% rise in material costs to ₹182 crore and a 79% surge in advertising expenses to ₹113 crore. Depreciation expenses also saw a significant jump of 206% to ₹95 crore. Conversely, employee benefit expenses decreased by 23% to ₹30 crore.
📊 Financial Metrics and Funding
Miko’s Return on Capital Employed (ROCE) stood at -85.71%, and its EBITDA margin was -8.45% for FY24. The company spent ₹1.41 to earn every rupee during the fiscal year. As of FY24, Miko reported current assets worth ₹297 crore, including ₹89 crore in cash and bank balances. To date, the startup has raised over $76 million in funding, with Chiratae Ventures and YourNest as lead investors. The company’s co-founders—Sneh Vaswani, Prashant Iyengar, and Chintan Raikar—collectively hold a 19% stake in Miko.
🧠 About Miko
Founded in Mumbai, Miko specializes in developing interactive, AI-powered robots designed to educate and entertain children aged 5 to 11. The company’s robots are equipped with voice-recognition technology and can see, hear, sense, express, talk, and recognize faces. Miko also offers a platform for child-focused content partners and developers to port their content onto its robots, monetizing through subscription services. MedialEntrackr
🔮 Outlook
While Miko’s losses have increased, the substantial growth in revenue and subscription services indicates a positive trajectory for the company. Continued investment in product development and market expansion may help Miko achieve profitability in the coming years.