@Naman Biyani - There is no such natively functionality in Miro at this time.
Perhaps your best solution at this time could be to use a Comment.
Wish List ideas
There is an existing Wish List post asking for a Tooltip feature, which you may want to upvote:
https://community.miro.com/ideas/add-custom-tooltip-to-any-object-2176
However, if you feel that idea doesn’t truly reflect what you are looking to accomplish,
I’d recommend adding this as an Idea in the Wish List category by following the guidelines here: Wish List: Everything You Need to Know.
If you do create a Wish List Idea post, I would also recommend that you post a link to it back here, so that future readers of this post can quickly get to and vote for your Idea.
Thanks, Robert - the wish list post has exactly what I was looking for.
I tried adding comments but was facing a couple issues with the same, one of them being accidentally resolved by another user, and two, not being visually convenient [ideally want to add a description for each step].
Regardless, have upvoted the wish list post - thanks :)