Winzo's revenue jumps to Rs 1,055 crore; profit rises 151% to Rs 315 crore in FY24

Winzo, which calls itself a skill-based real money gaming platform, reported a 70% surge in revenue from operations to Rs 1,055.2 crore in FY24, up from Rs 619.4 crore a year earlier, even as India's online gaming sector grappled with a new tax regime and evolving regulations.

The company also saw its adjusted profit after tax more than double to Rs 315 crore, compared to Rs 125 crore in FY23.

These figures, however, exclude the accounting impact of a Rs 999 crore expense arising from the fair value treatment of Compulsorily Convertible Preference Shares (CCPS) as a liability under Indian Accounting Standards (IndAS). Factoring in the CCPS-related expense, WinZO posted a net loss of Rs 684 crore in FY24. The company had transitioned to IndAS from IGAAP in the previous fiscal.

Winzo's market presence

Founded in 2018 by Paavan Nanda and Saumya Singh Rathore, Winzo has built a real-money gaming platform that allows third-party developers to host games and monetise through microtransactions as low as Re 1.

The company claims this model has helped it reach 250 million users across India and Brazil. Winzo entered the Brazilian market in October 2023—an expansion it described as accelerated by India's Goods and Services Tax (GST) developments.

Rise in expenses

The fiscal year also saw Winzo's EBITDA rise over threefold to Rs 397.2 crore, compared to Rs 126.8 crore in FY23. Total expenses rose 35.8% year-on-year to Rs 693.4 crore, reflecting higher operating costs as the platform scaled.

"The 28% GST regime on online gaming, which came into effect in October 2023, affected just six months of FY24. Its full financial impact will be visible in FY25," the company said. Despite this, Winzo continued to grow its user base and expand its developer network.

Winzo's platform currently hosts over 50 casual games, including Carrom, Ludo, Chess, and 8 Ball Pool, across 16 languages such as Hindi, Marathi, Gujarati, and Bhojpuri. Its business model, focused on affordability and accessibility, departs from traditional in-app purchases or ad-driven monetisation, aiming instead to reach the broader Indian mass market.

The company also emphasised its contribution to India's gaming ecosystem, noting it has filed more than 50 patents and actively supports game developers and creators. "We're not just building a gaming company—we're shaping a globally scalable ecosystem rooted in Indian innovation," said co-founders Nanda and Rathore in a joint statement.

"Our ambition is bold: to create a tech powerhouse from India that inspires the world with its innovations and scale alike", added the co-founders. To date, Winzo has raised $100 million from investors including Griffin Gaming Partners, Maker's Fund, Courtside, and Kalaari Capital.