The Child Companion Miko Robot’s Remarkable Growth Journey

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Three points you will get to know in this article:

  • Miko, from Emotix, surpassed Rs 200 crore revenue in FY23.
  • Founded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko offers child companion robots.
  • Despite rising expenses, Miko mitigated losses and improved cash outflows.

Over the past few years, Miko, the child companion robot crafted by Emotix, has experienced remarkable growth. This expansion is evident in its soaring scale, which leaped beyond the Rs 200 crore milestone in the financial year 2023. To put this into perspective, in FY21, Miko’s revenue stood at just shy of Rs 30 crore.

According to the company’s consolidated annual financial statement filed with the Registrar of Companies, Miko’s revenue from operations surged by an impressive 137.5% to Rs 225.6 crore in the fiscal year ending March 2023, compared to Rs 95 crore in FY22. This phenomenal growth underscores Miko’s significant strides in the market.

Product Lineup and Market Reach

Spearheaded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko specializes in crafting personalized companion robots aimed at enriching the educational and recreational experiences of children aged 5 to 11. The company extends its platform to content creators catering to children, allowing them to seamlessly integrate their material onto Miko and generate revenue through subscription models.

Miko extends its reach to over 140 countries, encompassing key markets such as the United States, Europe, and the Middle East.

In its product lineup, Miko offers diverse options. Miko Mini, a pint-sized wonder, is meticulously designed to spark curiosity and nurture essential skills in children through interactive engagements and educational content. Miko Max delivers tailor-made adventures that facilitate learning, particularly in the realms of reading and comprehension. Meanwhile, Miko 3 elevates the experience with advanced functionalities and an extensive array of educational content. Not stopping there, Miko Chess — Grand elevates the traditional chess experience with its integration of cutting-edge AI technology.

Revenue Sources and Non-Operating Income

The bulk of the company’s earnings stemmed from product sales, particularly robots, with a smaller portion attributed to subscription services for content applications. Additionally, Miko raked in Rs 2.88 crore in non-operating income over the year, primarily from interest and gains on financial assets. All in all, the company’s income surged to Rs 228.5 crore in the fiscal year 2023.

When it comes to spending, the biggest chunk goes into materials, gobbling up a whopping 37.3% of the overall budget. This expenditure skyrocketed by 88%, reaching Rs 121.45 crore in FY23, compared to Rs 64.56 crore in FY22. Meanwhile, the company saw a notable uptick of 40.8% in advertising and promotional expenses, hitting Rs 62.89 crore in the fiscal year, up from Rs 44.67 crore in FY22.

In the past financial year, Miko saw a significant increase in its total expenditure, mainly due to investments in employee benefits, travel expenses, and other day-to-day operational costs. This surge amounted to a staggering 75%, reaching Rs 325-3 crore in FY23, compared to Rs 185-5 crore in the preceding fiscal year, FY22. Consequently, Miko’s losses also took a leap, climbing by 39% to reach Rs 107.7 crore in FY23, up from Rs 77.5 crore in FY22.

Despite this substantial increase in expenses, Miko managed to mitigate its losses somewhat, especially considering its more than doubling of revenue. Additionally, the company made notable progress in managing its operating cash outflows, showing a commendable 92% improvement, amounting to Rs 7.6 crore during the last financial year.

With its expanding scale, Miko saw enhancements in its EBITDA margin, which improved to -25.84% in FY23, while the ROCE stood at -46.81%. On a unit level, Miko’s expenditure to generate operating revenue was Rs 1.44 during the fiscal year.

Miko, the child companion robot by Emotix, experienced substantial growth, with revenue surpassing Rs 200 crore in FY23, marking an impressive surge from just under Rs 30 crore in FY21. Spearheaded by Sneh Vaswani, Prashant Iyengar, and Chintan Raikar, Miko offers personalized companion robots for children aged 5 to 11 and boasts a global presence in over 140 countries. Despite a notable increase in expenses, Miko managed to mitigate losses and improve cash outflows. This expansion and operational improvements underscore Miko’s significant strides in the market.

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