Zupee announces its financial results for the fiscal year ending March 31, 2024, posting ₹1,123 crore in net revenue. The company also reported a net profit of ₹146 crore marking its first annual profitability since inception.
The skill-based ludo platform witnesses a 60% increase in its registered user base. The increase is mainly due to consolidation in traditional North Indian markets and entering new regions and attracting a wider, more diverse user demographic.
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 claims to sustain its momentum through operational agility, early adaptability, and a product-first approach.
The full-year impact of the revised GST regime is set to reflect in FY ’25, with the company expecting a balanced tax framework that differentiates skill-based games from games of chance.
