Miko reports Rs 358 Cr revenue in FY24, income from subscription biz surges 29X

[[{“value”:”

Miko, a Mumbai-based robotics and AI startup known for its interactive robots for children, continued its growth trajectory in the fiscal year ending March 2024, recording a 58% year-on-year increase in revenue.

Miko’s revenue from operations increased to Rs 358 crore in FY24, from Rs 226 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC).

Miko creates personal companion robots focusing on educating and entertaining children from the age group of 5 years to 11 years. The company also allows child-focused content partners and developers to port their content on Miko and monetise via subscription.

The company made most of its revenue from sales of products (robots) while a small part came from subscription services of content applications.

The company’s revenue from product sales (robots) grew 46% to Rs 329 crore in FY24, while income from subscription services of content applications saw an exponential rise — growing 29 times from Rs 1 crore to Rs 29 crore during the same period (FY24).

On the expense front, the largest cost center was material cost, which surged 50% to Rs 182 crore. Advertising expenses, which typically reflect brand-building efforts, jumped 79% to Rs 113 crore. Depreciation expenses surged 206% year-on-year to Rs 95 crore in FY24. Employee benefit expenses, however, declined by 23% to Rs 30 crore in the said fiscal year.

Overall, the firm’s total expense grew 55% YoY to Rs 505 crore in FY24 from Rs 325 crore in FY23. For a more detailed expense breakup, please refer to TheKredible.

The company reported a net loss of Rs 120 crore in FY24, up from Rs 108 crore in FY23. Its ROCE and EBITDA margin stood at -85.71% and -8.45%, respectively. On a unit economics basis, Miko spent Rs 1.41 to earn a rupee in FY24.

The Mumbai-based firm reported current assets worth Rs 297 crore in FY24 which includes Rs 89 crore in cash and bank balance.

According to startup data intelligence platform TheKredible, Miko has raised a total of $76 million till date, having Chiratae Ventures and Yournest as its lead investors. The company’s co-founders Sneh Vaswani, Prashant Iyengar and Chintan Raikar together own 19% of the company.

“}]]