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Gameskraft reports Rs 1,062 Cr profit after tax in FY23
Entrackr
·
1y ago
Medial
Gameskraft Technologies, a Bengaluru-based gaming company, reported a revenue growth of 24.8% in FY23, reaching Rs 2,662 crore. Its primary source of revenue was income from subscriptions and platform cum commission fees. Despite facing regulatory issues and allegations of GST tax evasion, Gameskraft managed to increase its profits by 14.2% to Rs 1,062 crore. However, the company is still under scrutiny and awaiting a verdict from the Supreme Court regarding the tax evasion charges.
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Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT
Entrackr
·
6m ago
Medial
Gameskraft achieves Rs 3,500 Cr income in FY24 with Rs 947 Cr PAT Gameskraft has consistently reported net profits of around Rs 1,000 crore over the past three fiscal years. Despite encountering various legal challenges, the Bengaluru-based company achieved a 30% year-on-year growth in the fiscal year ending March 2024. Gameskraft’s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Gameskraft operates popular gaming apps such as Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. Its revenue (gross gaming revenue) comes from a platform fee or commission charged as a percentage of the buy-in fees users invest in games. This remained its sole revenue source during FY24. The company also made Rs 46 crore from interest on fixed deposits and gain on sale of current investments which tallied its overall revenue to Rs 3,521 crore in FY24 from Rs 2,732 crore in FY23. Similar to other gaming companies, Gameskraft has over a dozen brand ambassadors, including Harbhajan Singh, Mahesh Bhupathi, and Abhinav Bindra, and has run several campaigns on social media and TV. This pushed its advertising costs up by 113% to Rs 1,315 crore in FY24 from Rs 616 crore in FY23. Gameskraft employee benefits grew 23.5% to Rs 463 crore in FY24. This includes Rs 12 crore as ESOP cost which is settled in cash. Its legal, communication, domain, web hosting, and other overheads took the overall cost up by 71.7% to Rs 2232 crore in FY24 from Rs 1300 crore in FY23. The more than two-fold increase in advertising costs outpaced Gameskraft's revenue growth, causing its profits to drop by 10.8% to Rs 947 crore in FY24 from Rs 1,062 crore in FY23. Its ROCE and EBITDA margin stood at 69.4% and 37.46% respectively with an expense-to-earning ratio of Rs 0.64. At the end of FY24, Gameskraft's total current assets were recorded at Rs 1,680 crore with the cash and bank balance of Rs 306 crore. In the real-money gaming sector, MPL reported a 22.2% increase in revenue from operations to Rs 1,068 crore in FY24, while also achieving positive cash flow during the year. Gameberry saw a 46.9% growth in revenue to Rs 461.7 crore, with a 150% surge in profit to Rs 92.8 crore in the same period. Meanwhile, major competitors such as Dream11 and A23 have yet to release their financial results for FY24.
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ZappFresh ends FY23 with profit and Rs 57 Cr revenue
Entrackr
·
1y ago
Medial
ZappFresh, a smaller player in the direct-to-consumer meat delivery sector compared to Licious and FreshToHome, has maintained profitability in FY22 and FY23. Despite not pursuing rapid growth, it generated revenue of Rs 70 crore in FY23, with a focus on sustainable growth. ZappFresh operates in Delhi-NCR and Bengaluru, delivering fresh meat, seafood, and ready-to-cook items. Material procurement was the primary cost center, accounting for 40-50% of expenses, while the company's profit in FY23 was around Rs 3.5 crore. It aims for two-fold growth in profit after tax in the current fiscal year.
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Upstox claims Rs 1,000 Cr revenue and Rs 25 Cr PAT in FY23
Entrackr
·
1y ago
Medial
Tiger Global-backed Upstox has announced that it turned profitable in FY23, reporting a 44% YoY growth in its broking revenue and crossing the Rs 1,000 crore threshold. The company achieved Rs 25 crore in profit-after-tax on a consolidated basis, with an EBITDA level exceeding Rs 200 crore. Upstox claims to have reached over 130 million users, primarily millennials and investors from tier II and III cities. It competes with players like Zerodha and Groww in the stockbroking space and is the fourth-largest player in terms of active users.
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SaaS startup Atlan’s profit slips 19% to INR 7.74 Cr in FY23
Inc42
·
1y ago
Medial
Singapore-based data collaboration software startup Atlan saw its profit after tax (PAT) decline by 18.70% to INR 7.74 crore in FY23 compared to the previous fiscal year. The decline was attributed to higher tax expenses in FY23 and an exceptional gain in FY22. However, Atlan's operating revenue surged to INR 93.83 crore in FY23 from INR 32.38 crore in FY22, primarily driven by overseas revenue. The company's total expenses rose by 203% to INR 85.53 crore in FY23, with employee costs being the primary contributor.
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Zupee posts Rs 146 Cr profit after tax in FY24
Entrackr
·
3m ago
Medial
Zupee posts Rs 146 Cr profit after tax in FY24 Real money gaming firm Zupee recorded over Rs 1,100 crore revenue in the fiscal year ending March 2024. Moreover, it also turned profitable during the same period, posting a net profit of Rs 146 crore. Zupee’s revenue from operations grew by 35% year-on-year to Rs 1.123 crore in FY24 from Rs 832 crore in FY23, the company said in its press release. According to the company, FY24 was a period of strong, broad-based growth for Zupee with a 60% increase in its registered user base. The company stated that it consolidated its leadership in traditional North Indian markets while expanding its footprint across the country. Founded by Dilsher Singh Malhi and Siddhant Saurabh, Zupee offers real-money games such as Ludo, Snakes & Ladders, Trump Cards, and Tombola. By the end of FY24, the platform claimed over 100 million registered users. Dilsher Singh Malhi, Founder & CEO of Zupee, said, “FY24 was a landmark year as the company turned profitable, scaled rapidly, and created a new category in India’s gaming space." He credited the growth to culturally rooted games and a strong focus on innovation, compliance, and responsible gaming. Zupee has raised $121 million to date, including its $102 million Series B round led by Nepean Capital in 2022. According to the startup data intelligence platform TheKredible, Nepean Capital is the largest external stakeholder with 19.61%, followed by Westcap and Seminal Digital. Zupee competes with players like Gameskraft, which reported Rs 3,500 crore in revenue and Rs 947 crore in profit, as well as Winzo, Playsimple Games, and others.
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Gameskraft pauses operations of Pocket52
Entrackr
·
2m ago
Medial
Gameskraft has announced a strategic pause on its poker platform, Pocket52, as part of a broader plan to reassess and redefine its approach to the poker category in India. According to the company, it aims to deliver a more focused and differentiated experience to players, aligning with its long-term strategic vision for the poker segment. “The ‘Add Cash’ feature on Pocket52 will be discontinued on May 22, 2025, and gameplay will end on May 30, 2025. The platform will remain accessible until July 2025 for withdrawals, ensuring that all existing customer funds are secure and accessible through standard processes,” the company said in a release. Gameskraft has assured that the pause will not impact its employee strength and that all communications regarding withdrawals and further updates will be sent to players. While Gameskraft did not explicitly cite the 28% GST imposed by the government on gaming startups as a reason, it cannot be ruled out as a factor behind the strategic pause. Several startups have faced layoffs and shutdowns since the implementation of the tax. Despite the operational pause, Gameskraft continues to focus on creating innovative digital experiences for players across its gaming portfolio. According to TheKredible, Gameskraft’s revenue from operations grew to Rs 3,475 crore in FY24 from Rs 2,673 crore in FY23. During the period, its profit dropped 10.8% to Rs 947 crore. Besides Pocket52, Gameskraft also runs Rummy Culture, Playship, RummyPrime, Ludo Culture, and Rummy Time.
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Beardo crosses Rs 100 Cr revenue in FY23, slips into losses
Entrackr
·
1y ago
Medial
Beardo, owned by Marico, saw a 12.2% increase in revenue to Rs 106.6 crore in FY23, despite a deceleration from its notable 50% growth in FY22. However, the company slipped into losses during FY23 after making its first-ever profit in FY22. High advertising costs and legal fees impacted its finances, leading to a loss of Rs 6.13 crore in FY23, compared to a profit of Rs 75 lakhs in FY22. The challenge for Beardo remains building a flagship brand to lead its portfolio in the competitive D2C sector.
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India's GamesKraft suspends operations of Gamezy amid tax tensions
IndianStartupNews
·
1y ago
Medial
Bengaluru-based gaming firm GamesKraft has decided to suspend its popular fantasy offering, Gamezy Fantasy, in response to the introduction of a 28% GST in the online gaming industry. The company is in the process of restructuring its Gamezy super app and urging users to transition to separate apps like RummyPrime and Ludo Culture. This decision comes after the Supreme Court stayed an order that nullified a Rs 21,000 Cr tax evasion notice served to GamesKraft by the Directorate General of GST Intelligence.
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BookMyShow posts Rs 1,026 Cr income and Rs 85 Cr profit in FY23
Entrackr
·
1y ago
Medial
BookMyShow, India's leading online ticket booking platform, has made a remarkable comeback after the pandemic, with a 13X growth in revenue and a hefty profit in the fiscal year ending March 2023. Its revenue from operations surged to Rs 976 crore in FY23, driven by a significant increase in income from ticket bookings and partnerships with live events and concerts. The company's effective cost management measures and three-fold scale contributed to its first-ever profit of Rs 85 crore in FY23, signaling its adaptability and success in the live events ecosystem.
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40 online gaming firms to get notices for tax evasion: Report
Inshorts
·
1y ago
Medial
About 40 online gaming firms will get show-cause notices for alleged tax evasion after the Supreme Court stayed a Karnataka High Court order quashing a ₹21,000-crore GST evasion notice to Gameskraft, Moneycontrol reported. Since activities of Gameskraft and other gaming firms are identical, authorities had held back notices. Two ₹3,000-crore tax evasion notices have already been sent to two firms.
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