Zupee Reports ₹1,123 Crore Revenue and Maiden Profit Despite GST Challenges

Zupee, the popular skill-based ludo platform, has announced a significant achievement for FY24, reporting a net revenue of ₹1,123 crore and its first-ever net profit of ₹146 crore. This milestone marks a key moment for the company, which has grown rapidly despite challenges in the GST landscape.

 

Zupee’s Successful Growth Strategy Amidst GST Struggles

 

While the gaming industry faced a 28% GST rate in the latter half of the year, Zupee demonstrated resilience through its agility in adapting to the new tax regime. The company not only sustained its growth trajectory but also expanded its user base by 60%, largely due to successful expansion into new regions and diversified audiences.

 

Despite the GST hurdles, Zupee thrived due to its product-first approach and focus on user engagement, marking a positive shift in India’s corporate business landscape.

 

The Key to Zupee's Success: A Product-Focused Strategy

 

Dilsher Singh Malhi, Founder and CEO of Zupee, highlighted the company’s growth as a reflection of their commitment to innovation and responsible gaming. He mentioned that FY24 was pivotal for Zupee, not only for scaling the business but also for creating a unique category within India’s gaming market.

 

He further emphasized that games rooted in culture resonate across geographies and generations, setting Zupee apart as a leader in the gaming industry. This adaptability in response to GST and market challenges reflects Zupee’s ability to lead in the ever-evolving corporate business sector.

 

Looking Forward: A Balanced Tax Framework

 

Looking ahead, Zupee expects the full impact of the revised GST regime to be more apparent in FY25. The company hopes for a balanced tax framework that clearly differentiates between skill-based games and games of chance. The company’s agility and commitment to innovation are likely to continue driving its success in the gaming and corporate business sectors.

 

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