Key Highlights
- Miko’s revenue surged 58 percent in FY24 to Rs. 358 crore, driven largely by strong robot sales and rising content subscriptions.
- The Mumbai-based kids' robotics startup saw subscription income grow 29x, reaching Rs. 29 crore from just Rs. 1 crore in FY23.
- Despite higher revenues, Miko reported a Rs. 120 crore loss in FY24 with expenses rising 55 percent year-on-year to Rs. 505 crore.
Miko, a start-up from Mumbai that specializes in interactive robots for kids, enjoyed strong growth last year, earning 58 more than it did the previous year.
RoC data shows that Miko brought in operations revenue of Rs. 358 crore in FY24, up from Rs. 226 crore in the previous year.
Most of the revenue for the company came from selling products (robots) and a very small part was from subscription fees for its content services.
Revenue from robot sales for the company rose 46 percent to Rs. 329 crore in FY24; meanwhile, the income from content application subscriptions grew by a massive 29 times, going from Rs. 1 crore to Rs. 29 crore in the same period.
The biggest increase in spending came from material which went up by half to Rs. 182 crore. Costs for advertising, mainly used to promote the company’s image, more than doubled, growing 79 percent to Rs. 113 crore. The amount of depreciation expenses jumped by 206 percent in FY24 to Rs. 95 crore. Last year, employee benefits saw a decline of 23 percent, to Rs. 30 crore.
All in all, the firm’s expenses went up by 55 percent year on year and reached Rs. 505 crore last year, compared to Rs. 325 crore the year before.
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Losses for the company amounted to Rs. 120 crore in the previous fiscal (FY24), compared to Rs. 108 crore in the fiscal before (FY23). The company had an ROCE of -85.71 percent and an EBITDA margin of -8.45 percent last year. For every Indian rupee of profit last year, Miko spent Rs. 1.41.
In FY24, Mumbai-based firm had a current asset value of Rs. 297 crore, including Rs. 89 crore in cash and banks.
