Google News
spot_img

Milagrow expects over 3-fold growth in revenue in three years

Must Read

The company has developed iMap 15 robots with algorithms designed for Indian customers

New Delhi: Homegrown robotics company Milagrow looks to hit the Rs 100-crore revenue mark in the next three years on account of cost rationalisation of 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% 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,” said Gupta, who has retained his designation of vice president, the position at which he joined the company.

He said the company assembles some products in India and has a dedicated factory in China.

Gupta said 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% higher longevity and 30% more run time compared to conventional batteries.

Milagrow at present sells robots in the range of Rs 12,000- 1.2 lakh a piece.

“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% 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.

Latest News

Budget 2024: Jewellery sector welcomes custom duty reduction on precious metals

The reduction in duties will bring down input costs, increase value addition, promote export competitiveness and boost domestic manufacturing New...