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, as reported by Entrackr.
Global Presence:
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.
Product Line and Focus:
The startup’s 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.
Innovative Approach:
Miko allows content partners and developers to port their content on the platform and monetize through subscriptions, adding to its revenue streams.
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.
Expense Management:
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.
Expense Surge:
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.
Profitability Amidst Growth:
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.