Event-based trading platform Probo has experienced significant growth over the past three years, with revenue increasing from ₹2.6 crore in FY22 to ₹86 crore in FY23, and exceeding ₹450 crore in FY24—representing a 5.3X year-on-year rise. The Peak XV-backed company also saw its net profit skyrocket by 25X, reaching nearly ₹100 crore in FY24.
The consolidated annual financial statements made available to the Registrar of Companies (RoC) indicated that Probo earned revenues from operations of ₹459 crore for FY24 as against ₹86 crore in FY23.
Founded in 2019 by Sachin Gupta and Ashish Garg, Probo is an event-trading platform on which users trade their predictions on future events in various arenas such as cricket, football, finance, entertainment, and startups.
This platform fee charged by Probo from the user for contest participation accounts for most of Probo's revenue: approximately 97.8% of total revenue. This revenue-class grew 5.4X to ₹449 crore for the last financial year. Additionally, income from allied services and other sources, such as interest from current investments, brought Probo's total revenue to ₹474 crore for the same period.
Probo’s advertising and promotion costs, driven by a strong presence of YouTube influencers, made up 77% of its total expenses, surging 5.2X to ₹271 crore in FY24, up from ₹52 crore in FY23. Employee benefit expenses also rose by 27%, reaching ₹28 crore in FY24.
Other expenses, including information technology, platform integration, legal, travel, and miscellaneous overheads, contributed to a 3.5X increase in total costs, which reached ₹351 crore in FY24. For a detailed breakdown of expenses, visit TheKredible.
Probo’s impressive revenue growth and cost management led to a 25X surge in net profit, reaching ₹92 crore in FY24, compared to ₹3.7 crore in FY23. The Peak XV-backed company spent ₹0.76 to earn every rupee during the fiscal year ending March 2024.
The company's return on capital employed (ROCE) increased to 42.6%, while its EBITDA margin improved to 26.1%. By the end of FY24, Probo’s total current assets had reached ₹274 crore, with cash and bank balances amounting to ₹169 crore.
Probo has raised approximately $28 million across multiple funding rounds. According to startup intelligence platform TheKredible, Peak XV holds the largest external stake at 21.72%, followed by Elevation Capital and The Fundamentum Partnership.
With an expansive prediction market, Probo seems poised for continued success, provided it can maintain growth, particularly within its core user base. The sharp rise in its metrics suggests it’s on the right track. The Rs 271 crore spent on advertising is notable, but it’s justified by the company’s profitability. These strong profit figures also suggest Probo may not need additional funding as it focuses on building a sustainable business. Given its current momentum, the company could be eyeing a Rs 1000 crore revenue target by 2026 and may even achieve unicorn status in FY25 if growth remains strong.
