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WinZO forays into micro dramas, enters US after RMG ban

EntrackrEntrackr · 22d ago
WinZO forays into micro dramas, enters US after RMG ban
Medial

WinZO forays into micro dramas, enters US after RMG ban WinZO, the social gaming and entertainment platform, is expanding its playbook beyond real-money gaming (RMG) with a foray into micro dramas and subscription-led services, as it looks to navigate the government’s blanket ban on RMG in India. The company has also widened its global presence with a US debut, marking its third international market after Brazil. As part of its content push, WinZO has introduced WinZO TV, a new feature that serves up bite-sized drama shows for its 250 million users. The format delivers one to two-minute serialised videos, with initial episodes free to watch and later ones priced at Rs 2 each. With this, WinZO will face competition from Flick TV, Kuku FM’s Kuku TV, ShareChat’s QuickTV, Reel Saga, Reelies, Chai Bisket’s Chai Shots, and Eloelo. WinZO has raised over $100 million from marquee investors including Kalaari Capital, Griffin Gaming Partners, Makers Fund, and Courtside Ventures, and was last valued at around $340 million. While its RMG business faced significant headwinds due to regulatory changes and higher GST, the company has been seeking alternative monetisation avenues through subscriptions, in-app entertainment formats, and international expansion. WinZO’s expansion into the US comes nearly two years after its Brazil foray, aimed at reducing dependence on India following the introduction of a 28% GST regime on RMG apps. According to co-founders Saumya Singh Rathore and Paavan Nanda, the US launch will also allow Indian developers building culturally relevant games to reach a new global audience. For the fiscal year ending March 2024, WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore, while its profit after tax (PAT) rose 2.5X to Rs 315 crore. The company outpaced its peers in revenue growth, compared to Nazara’s 4%, Zupee’s 34.9%, and MPL’s 22%. The government’s RMG ban is prompting many firms to explore alternative avenues. For context, Dream Sports, which owns Dream11, has ventured into wealth tech with Dream Money, letting users invest in digital gold and fixed deposits.

Prozo maintains growth streak in FY24 with improved economics

EntrackrEntrackr · 6m ago
Prozo maintains growth streak in FY24 with improved economics
Medial

Fintrackr All Stories Prozo maintains growth streak in FY24 with improved economics Full-stack supply chain company Prozo recorded a 30% year-on-year revenue growth in the fiscal year ending March 2024. The Gurugram-based company also reduced its losses by 26% during the same period. Full-stack supply chain company Prozo recorded a 30% year-on-year revenue growth in the fiscal year ending March 2024. The Gurugram-based company also reduced its losses by 26% during the same period as it cut material costs by 50%. Prozo’s revenue from operations increased to Rs 166 crore in FY24 from Rs 128 crore in FY23, as per its financial statements sourced from the RoC. Prozo enables fast fulfillment for businesses through its pan-India warehousing and freight network, which is powered by an end-to-end supply chain technology stack and control tower. The company generates revenue from the sale of services and products. Revenue from services saw a remarkable surge of 181.4% to Rs 121 crore in FY24, solidifying its position as the primary income stream. However, revenue from product sales declined by 47% to Rs 45 crore in FY24. On the expense side, the company optimized material costs, which fell by 50% to Rs 37 crore. However, transportation costs surged 209.1% to Rs 34 crore, and employee benefits expenses increased by 12.9% to Rs 35 crore. Other overhead costs, including technology and operational expenses added another Rs 81.5 crore. In the end, Prozo's total expenses rose by 22% to Rs 187.5 crore in FY24 from Rs 154 crore in the previous fiscal year. Due to revenue growth outpacing expense, Prozo managed to cut its losses by 26% to Rs 20 crore in FY24 from Rs 27 crore in FY23. Its ROCE and EBITDA margin improved to -19% and -7.44%, respectively. On a unit level, the company spent Rs 1.13 to earn a rupee in FY24. The company recorded current assets worth Rs 107 crore which includes Rs 31 crore worth cash and bank balances in FY24. According to TheKredible, Prozo has raised a total of $18.4 million of funding till date, having Sixth Sense Ventures, Auctus Capital, and Earlsfield Capital as its lead investors. Its founder and CEO Ashvini Jakhar owns 21% of the company. While the drop in product sales have led to a drop in material costs as well, Prozo still has work ahead to turn profitable. In a fast evolving industry with many startups, access to capital will not necessarily be the decisive advantage it would have been a few years back. That should actually be some comfort to Prozo, as it works in a market that counts players backed by giants like Amazon as well. What would help will be a major account win, even as a comfortable cash situation provides the runway to ensure a tiny delivery of profits by FY25 possibly.

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