The gaming publisher WinZO recorded a 70 percent year-over-year increase in operating revenue to Rs. 1,055 crore in the fiscal year ended March 2024, while its profit after tax (PAT) increased 2.5X to Rs. 315 crore during the same period.
By doing this, WinZO exceeded its competitors in terms of revenue growth in FY24, as opposed to 4 percent for Nazara, 34.9 percent for Zupee, and 22 percent for MPL.
Despite a major policy obstacle—a 400 percent increase in GST on online gambling that went up to 28 percent on gross receipts on October 1, 2023—the company's top and bottom lines seem outstanding.
WinZO anticipates that the full financial impact will become apparent in FY25, as the new tax rate was only in effect for half of the fiscal year.
WinZO, which was founded by Paavan Nanda and Saumya Singh Rathore, says it has 250 million users. Supported by a small workforce of 200 workers and 50 developer partners, the company also says it has filed more than 50 tech patents. The majority of the games in its portfolio are casual games like chess, carrom, ludo, and 8 ball pool.
The announcement claims that the company has established a network of more than 75,000 micro-influencers and game developers in smaller cities and towns, and that it facilitated one out of every 200 UPI transactions in India last year.
International investors Kalaari Capital, Griffin, Courtside Ventures, and Makers Fund have contributed $100 million to WinZO's fundraising efforts.
