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Zupee reported Rs 1,123 crore in net revenue and Rs 146 crore in net profit for FY24, marking its first annual profitability.
Zupee turns profitable first time since inception.
Zupee 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.
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.
Zupee is known for Skill-Based Online Ludo, creating an entirely new category in India’s online gaming landscape.
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.
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 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 ’25, even as we continue to advocate for a balanced tax framework that differentiates skill-based games from games of chance
