Zupee Posts INR 1,123 Cr Revenue, Turns Profitable in FY24 with INR 146 Cr Net Profit FY24 marked a period of strong, broad-based growth for Zupee, with a 60% increase in its registered user base.
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Skill-based gaming platform Zupee has announced its financial results for the fiscal year ending March 31, 2024, marking a major milestone in its journey. The company reported net revenue of INR 1,123 crore and a net profit of INR 146 crore, registering its first annual profitability since inception.
Founded in 2018 by Dilsher Singh Malhi and Siddhant Saurabh, Zupee is a skill-based Ludo platform. It pioneered a new category in India's online gaming landscape by introducing skill-based casual games at a time when fantasy sports and rummy dominated the market. Today, Zupee not only leads this segment but has also proven that culturally rooted games can drive significant growth and resonate across demographics.
FY24 was a year of remarkable growth for the company. Zupee's registered user base increased by 60%, and the platform expanded beyond its stronghold in North India to newer regions across the country, attracting a diverse user base. To support this expansion, the company also grew its workforce by over 10%, especially in product development, data science, technology, and operations.
Dilsher Singh Malhi, Founder and CEO of Zupee, said, "FY24 was a landmark year as we turned profitable, scaled significantly, and saw our games resonate with audiences far beyond our initial markets. We didn't just grow; we built an entirely new category in India's gaming landscape."
Despite the challenges brought by the implementation of a 28% GST on online gaming in the second half of FY24, Zupee claims to sustain its momentum by focusing on operational agility, innovation, and a product-first approach. The full impact of this new tax policy will be reflected in FY25. The company continues to advocate for a more balanced taxation framework that differentiates skill-based games from games of chance.
Zupee remains committed to responsible gaming and transparent communication, with clear guidelines on its website. Backed by leading investors like WestCap Group, Matrix Partners India, and Orios Venture Partners, Zupee is well-positioned for the future as it redefines online gaming with skill, strategy, and entertainment at its core.
