Zupee reports first-ever profit, solidifies leadership in skill-based gaming

Zupee an online gaming platform, has reported its first-ever annual profit for FY24. With net revenue of Rs 1,123 crore and a net profit of Rs 146 crore, Zupee has reinforced its position as the top player in India’s skill-based gaming landscape. FY24 marked a year of significant growth for Zupee, with its user base increasing by 60%. Originally focused on North Indian markets, the platform successfully expanded its footprint across India, attracting a wider and more diverse demographic of users.
During the fiscal year, Zupee ramped up hiring, increasing its workforce by 10% across product development, data science, technology, and operations. These strategic investments align with its long-term vision of fostering operational excellence and delivering innovative gaming solutions to its growing user base.
Commenting on the milestone, Dilsher Singh Malhi, Founder and 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’ve built an entirely new category in India’s gaming landscape, proving that culturally rooted games transcend boundaries and generations. Our commitment to innovation, compliance, and responsible gaming has positioned Zupee as a resilient force in the industry.”
Zupee also addressed industry-wide challenges posed by the revised 28% GST framework implemented in H2 FY24. Through operational agility and a product-first approach, the platform sustained its momentum and continued advocating for a balanced tax structure that differentiates skill-based games from games of chance.