New Delhi [India], April 22 : Zupee, India's leading skill-based gaming platform, on Tuesday announced its financial results for the fiscal year ending March 31, 2024, posting Rs1,123 crore in net revenue. The company also reported a net profit of Rs 146 crore, marking its first annual profitability since inception, corroborating strong business fundamentals and sustainable growth.
FY24 marked a period of strong, broad-based growth for Zupee, with a 60% increase in its registered user base. Having consolidated its leadership in traditional North Indian markets, the company expanded its presence across India, successfully entering new regions and attracting a wider, more diverse user demographic.
According to a company statement, Zupee is known for pioneering Skill-Based Online Ludo, creating an entirely new category in India's online gaming landscape. At a time when the space was dominated by fantasy sports and rummy, Zupee introduced skill-based casual games, offering a fresh alternative. Today, it not only leads the category it created but has also proven that this model can scale, resonate across diverse demographics, and thrive on strong business fundamentals.
The statement further said that, during the fiscal year, Zupee continued to strengthen its internal capabilities to support long-term growth. The company expanded its workforce by over 10%, with a focus on hiring across product development, data science, technology, and operations. This strategic investment aligns with Zupee's commitment to building scalable systems, fostering innovation, and ensuring operational excellence as the business continues to scale rapidly.
Dilsher Singh Malhi, Founder & 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. Our growth demonstrates that games rooted in culture transcend geographical boundaries and generations. Our focus on innovation, compliance, and responsible gaming has positioned Zupee as a resilient player in India's gaming market.
"While the 28% GST implementation in the latter half of the year posed structural challenges across the gaming industry, Zupee Ludo sustained its momentum through operational agility, early adaptability, and a product-first approach. The full-year impact of the revised GST regime will reflect in FY'25, even as we continue to advocate for a balanced tax framework that differentiates skill-based games from games of chance, he added.
Zupee offers 'games of skill' in which a player's skill, knowledge, attention, experience and capabilities are crucial to success. Founded by IIT Kanpur graduates Dilsher Singh Malhi and Siddhant Saurabh in 2018, Zupee is backed by marquee investors, including WestCap Group, Tomales Bay Capital, Nepean Capital, AJ Capital, Matrix Partners India, and Orios Venture Partners. Recently, Zupee was also recognised and applauded as the 'Future Ready Organisation'.
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