India’s gaming scene just saw a major shakeup. Zupee, a name many gamers know for its skill-based Ludo, announced some eye-popping numbers for the fiscal year ending March 31, 2024. The company pulled in a massive ₹1,123 crore in net revenue and, for the first time ever, posted a net profit of ₹146 crore.
Think about that for a second. A gaming platform turning a profit of this size shows something significant is happening. It’s not just about downloads or how many people play a game once or twice. This kind of financial health points to a strong business that keeps players coming back and spending time on the platform.
Zupee didn’t just get lucky; they grew, and grew big. Their registered user base jumped by 60% in FY24. While they started strong in North India, they successfully spread their wings across the entire country. This means more and more people from different parts of India are finding and enjoying what Zupee offers.
What makes Zupee stand out? They basically created a new type of game in India’s online world: skill-based online Ludo. Before Zupee, fantasy sports and rummy ruled the roost. They came along and showed that casual games, rooted in familiar pastimes like Ludo, could be incredibly popular and build a solid business. They didn’t just join the market; they built their own corner of it, and now they lead it. This proves this model works and connects with all sorts of players.
To keep this momentum going, Zupee also invested internally. They grew their team by over 10%, bringing in more talent in areas like building the games, understanding player data, improving the technology, and running the operations smoothly. This shows a focus on making the platform even better for the future.
Dilsher Singh Malhi, the founder and CEO, called FY24 a “landmark year.” He pointed out that turning profitable and growing so much, while seeing their games click with people everywhere, was huge. He believes their success with games based on culture shows they can cross different regions and age groups. He also highlighted that focusing on doing things the right way and promoting responsible gaming has made Zupee a strong player in the market.
The year wasn’t without its hurdles, though. The 28% GST introduced later in the year certainly created challenges for the whole gaming industry. But Zupee’s Ludo games kept their pace. They managed this by being quick to adapt and staying focused on their product. While the full effect of this tax will show in the next fiscal year (FY25), the company continues to advocate for a tax system that understands the difference between games of skill and games of chance.
Seeing a company like Zupee achieve this kind of profitability for the first time is a powerful story. It tells us that skill-based gaming has a real future in India and that understanding what players want and building a solid platform pays off.
