Zupee Reports First Annual Profit in FY24, Posts ₹146 Crore Net Income

Zupee, a leading player in India’s skill-based gaming market, has reported its first annual profit for the financial year ending March 31, 2024.

The company posted a net profit of ₹146 crore, with net revenue of ₹1,123 crore.

According to internal performance data shared by the company, Zupee experienced a 60% year-on-year increase in its user base during FY24. The platform, initially popular in North India, has expanded its reach to users across diverse regional markets.

To support its growth, Zupee expanded its workforce by approximately 10%, with key hires in product development, data science, engineering, and operations.

“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 of Zupee. He noted that the company’s efforts to create culturally rooted games helped differentiate Zupee in a competitive environment.

Zupee has also been vocal in gaming forums regarding the need for regulatory distinction between skill-based games and games of chance, arguing that differentiated tax treatment would promote innovation and industry stability. This comes after the government implemented a 28% Goods and Services Tax (GST) on online real money gaming, significantly impacting the sector’s cost structure.