Zupee posts first-ever annual profit of Rs 146 Cr in FY24, revenue jumps 36%

Zupee also navigated the impact of a revised tax framework, which introduced a 28% Goods and Services Tax on the face value of bets in the second half of the fiscal year. The full-year effect of the tax changes is expected to reflect in the FY25 numbers.

Apr 22, 2025 - 13:06

Zupee posts first-ever annual profit of Rs 146 Cr in FY24, revenue jumps 36%

Skill-based gaming platform Zupee reported its first-ever annual profit, posting a net income of Rs 146 crore for the fiscal year ending March 31, 2024.

The result marks a sharp turnaround from the Rs 36 crore loss the company recorded in the previous year.

Revenue for FY24 climbed to Rs 1,123 crore, up from Rs 823 crore in FY23, as the company expanded beyond its core North Indian markets to establish a broader national footprint. Zupee also reported a 60% increase in its registered user base during the year.

“FY24 was a landmark year as we turned profitable, scaled significantly, and saw our games resonate with audiences far beyond our initial markets,” said Dilsher Singh Malhi, Founder and CEO.

Founded in 2018, Zupee offers real-money versions of Indian games like Ludo and, Snakes & Ladders, and trump card games. The company increased its workforce by over 10% during the year, hiring across product development, data science, technology, and operations to support growth.

Zupee also navigated the impact of a revised tax framework, which introduced a 28% Goods and Services Tax on the face value of bets in the second half of the fiscal year. Despite the regulatory shift, the company maintained growth momentum. “Our growth proves that games rooted in culture transcend geographies and generations,” Malhi said.

The full-year effect of the tax changes is expected to reflect in the FY25 numbers.

Recently, online gaming platform Head Digital Works, the operator of A23 Rummy and A23 Poker, reported a 24.8% rise in net profit for the fiscal year ended March 31, 2024, reaching Rs 72.38 crore, up from Rs 58.02 crore a year earlier.

The profit growth was driven by tighter cost control, with total expenses dipping slightly to Rs 761.18 crore from Rs 764.25 crore, even as employee benefit expenses rose 40% to Rs 137.68 crore.

Revenue, however, remained largely flat at Rs 841.39 crore compared to Rs 839.14 crore in FY23.

A23 competes in the real-money gaming space with platforms like MPL, Zupee, and WinZO, with MPL reporting a 22% jump in FY24 revenue to $130 million.

Edited by Jyoti Narayan