MUMBAI: Zupee, a skill-based gaming platform, today announced its financial results for the fiscal year ending March 31, 2024, posting Rs. 1,123 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.
Other Highlights:
● Registered 60% growth in user base, with significant traction across new regions and demographics
● Expanded beyond core North Indian markets to establish a pan-India footprint
● Reinforced leadership in the skill-based casual gaming category, demonstrating both scale and commercial viability
● Increased workforce by over 10%, with strategic hiring across product, technology, data science, and operations
● Maintained growth momentum while navigating a dynamic regulatory and tax environment, including the impact of the revised GST framework in H2 FY24
FY24 marked a period of strong, broad-based growth for Zupee, with a 60% increase in its registered user base. Having consolidated its position in traditional North Indian markets, the company expanded its presence across India, entering new regions and attracting what it says is a wider, more diverse user demographic.
Zupee added that it is known for pioneering Skill-Based Online Ludo, creating a 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 that offered 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.
During the fiscal, Zupee continued to strengthen its internal capabilities to support long-term growth. The company expanded its workforce by over 10%, with focused 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 scales rapidly.
Dilsher Singh Malhi, founder, CEO 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 proves that games rooted in culture transcend geographies 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 2025, even as we continue to advocate for a balanced tax framework that differentiates skill-based games from games of chance.
