Zupee, India’s top skill-based gaming platform, has reported a net profit of ₹146 crore for the financial year 2023–24. This is the company’s first full-year profit since it was founded. It also posted ₹1,123 crore in net revenue, showing strong business growth.
The company was founded in 2018 by IIT Kanpur graduates Dilsher Singh Malhi and Siddhant Saurabh. Zupee is known for creating a new category in online gaming with skill-based Ludo. It now leads this category in India.
In FY24, Zupee saw a 60% rise in its user base. It expanded beyond its main North Indian markets and gained users across the country. The platform now has a pan-India presence with players from different regions and backgrounds.
“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. “We built an entirely new category in India’s gaming landscape.”
Zupee also increased its team size by over 10% during the year. It hired more people in product, tech, data science, and operations. This helped the company improve its platform and prepare for future growth.
The gaming industry faced some challenges last year. The 28% GST on online gaming came into effect in the second half of FY24. Still, Zupee managed to stay on track by adapting early and focusing on product quality. The full impact of the GST changes will be seen in FY25.
Zupee promotes responsible gaming. It has clear rules and guidelines on its website. The platform believes that games should be fun and enjoyed mainly for entertainment.
