Milagrow expects to hit Rs 100 crore revenue mark in next three years
Milagrow at present sells robots in the range of Rs 12,000- 1.2 lakh apiece. (Photo: X@ANI)
Homegrown robotics company Milagrow looks to hit the Rs 100-crore revenue mark in the next three years on account of cost rationalisation of the devices, a senior company official said.
Milagrow lost its founder Rajeev Karwal, a pioneer in the field of indigenous commercial robots, to COVID-19 in May 2021 and restarted business under Amit Gupta.
“In 2020-21, we registered 1,200 per cent growth. We were doing very well and now restarted the business. We expect to be a Rs 100 crore revenue company in the next three years at conservative estimate. We are going for all kinds of cleaning robots– floor cleaning, pool cleaning and window cleaning robots,” Gupta, who has retained his designation of vice president–the position at which he joined the company, said.
He said that the company assembles some products in India and has a dedicated factory in China.
Gupta said that the company plans to set up a manufacturing facility in India either in Uttar Pradesh or Uttarakhand after achieving some scale in one or two years.
“Robots market is at a very nascent stage in India. Right now the market is dominated by Chinese companies and Milagrow is the only Indian company competing with foreign players. We see this segment exploding like the mobile phone segment. Therefore, we are keen on setting up an assembly line in India,” Gupta said.
The company has developed iMap 15 robots with algorithms designed for Indian customers, like speaking in six vernacular languages.
“We are developing batteries for the Indian market. We have vendors who are making EV grade batteries for Milagrow robots. EV Grade Indian batteries will provide 25 per cent higher longevity and 30 per cent more run time compared to conventional batteries.
Milagrow at present sells robots in the range of Rs 12,000- 1.2 lakh apiece.
“First time an Indian company has successfully incorporated a heavy duty 5800 mAh EV grade battery in floor robots that facilitates 6-hour runtime.
“Milagrow is working towards making the robots more affordable. We are continuously working towards bringing down costs. From 2020 till date, we have been successful in bringing down the LiDAR sensor model cost by 40 per cent in 1 to 2 years and will make it more affordable for customers,” Gupta said.
LiDAR sensors help robots map the area on their own for functioning.
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First Published: May 05 2024 | 9:08 PM IST