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Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT

EntrackrEntrackr · 1y ago
Winzo ends FY23 with Rs 674 Cr revenue and Rs 126 Cr PAT
Medial

Online gaming startup Winzo registered 2.8X growth in its scale during the fiscal year ending March 2023. Significantly, the Delhi-based company also posted a hefty profit of Rs 126 crore in the same period. Winzo’s revenue from operations surged to Rs 674 crore in FY23 from Rs 234 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Established in 2018, Winzo offers over 100 games across categories such as strategy, sports, casual, card, arcade, racing, action, and board games. The service fees levied on the total funds involved in real money games, and the sale of digital or in-app vouchers were the only revenue drivers for Winzo. The company also made Rs 16.78 crore from interest (non-operating), taking its total revenue to Rs 691 core in FY23. Similar to every online gaming platform, Winzo spent a major chunk (46% of its total expenditure) on marketing (advertising cum promotions). This cost surged 29.6% to Rs 258 crore in FY23. The firm’s burn on employee benefits, legal-professional, commission paid to agents, direct gaming costs, and other overheads catalyzed its overall expenditure to Rs 564 crore in FY23 from Rs 375 crore in FY22. See TheKredible for the complete expense breakdown. Expense Breakdown Total ₹ 375 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Total ₹ 564 Cr https://thekredible.com/company/winzo-games/financials View Full Data To access complete data, visithttps://thekredible.com/company/winzo-games/financials Employee benefit Employee benefit Information technology Information technology Legal professional Legal professional Commission paid to other selling agents Commission paid to other selling agents Advertising promotional Advertising promotional Gaming related direct cost Gaming related direct cost Others To check complete Expense Breakdown visit thekredible.com View full data Caveat: We have excluded the cost of financial liabilities designated at fair value through profit and loss (CCPS) while calculating the total expenses for both years (FY23 and FY22). That said, a notable jump in scale helped Winzo report Rs 126 crore profit in FY23 as compared to a loss of Rs 130 crore in FY22. Its ROCE and EBITDA margin improved to 27% and 19% respectively. On a unit level, the company spent Rs 0.84 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -53% 19% Expense/₹ of Op Revenue ₹1.60 ₹0.84 ROCE -39% 27% Winzo has raised around $100 million to date including a $65 million Series C round led by California-based Griffin Gaming Partners in July 2021. According to the startup data intelligence platform TheKredible, Makers Fund is the largest external stakeholder with 15.77% followed by Griffin Gaming Partners and Courtside Ventures. The significant jump in profits for Winzo underscores the best case scenario for most gaming platforms today. A high fixed cost business till it achieves critical mass in terms of users and fees, and post that, very low cost increases, as most of the incremental money goes to the bottomline. For Winzo, however, future investments will beckon soon, both in terms of new game development as well as the high marketing spends, which it will find tough to tamp down for now. But with a growing gamers user base across the country and with itself, next only to China, maintaining margins may not be as tough. You can be sure that if it does so in FY24, India will have its next high growth Unicorn from gaming to talk about.

Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses

EntrackrEntrackr · 1y ago
Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Medial

Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.

Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO

EntrackrEntrackr · 1y ago
Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Medial

ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. ​​The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.

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