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Startups positioning India for exponential economic growth: Zupee founder Dilsher Malhi

Economic TimesEconomic Times · 9m ago
Startups positioning India for exponential economic growth: Zupee founder Dilsher Malhi
Medial

Startups in India are contributing to society by revolutionizing experiences in various sectors, such as education, healthcare, travel, and entertainment, according to Dilsher Malhi, CEO of Zupee. India's startup ecosystem has thrived due to its efficient digital infrastructure and widespread mobile phone usage. With the government's focus on initiatives like Bharat 6G and AI, startups are positioning India for significant economic growth. Malhi also highlighted the transformative potential of startups in diverse fields, such as gaming technology being used for surgical training and reducing travel time in the oil and gas industry. Indian startups are disrupting traditional e-commerce models dominated by foreign players with their instant delivery services.

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Indian startups disrupting ecommerce dominance of foreign players with instant delivery model: Zupee CEO

Economic TimesEconomic Times · 9m ago
Indian startups disrupting ecommerce dominance of foreign players with instant delivery model: Zupee CEO
Medial

Indian startups are disrupting the ecommerce market previously dominated by foreign players through innovative instant delivery models, according to Dilsher Singh Malhi, CEO of Zupee. He highlighted the transformative role of Indian enterprises in the digital economy, attributing their progress to government support and policy frameworks that foster innovation. Malhi praised India's emergence as the third-largest startup ecosystem and expressed optimism about initiatives like Bharat 6G Vision and the AI Mission. He emphasized the role of startups in redefining various sectors such as education, healthcare, travel, and entertainment, and highlighted the transformative impact of AI and blockchain technologies.

Zupee posts Rs 146 Cr profit after tax in FY24

EntrackrEntrackr · 4m ago
Zupee posts Rs 146 Cr profit after tax in FY24
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.

RMG ban pushes Zupee to cut 170 jobs

EntrackrEntrackr · 5d ago
RMG ban pushes Zupee to cut 170 jobs
Medial

Real-money gaming (RMG) platform Zupee has laid off around 170 employees, or about 30% of its workforce, as the company restructures operations following the government’s ban on RMG platforms. “This has been a tough call for us, but was necessary to adapt to the new regulatory framework. Our colleagues who are leaving us have been an integral part of Zupee’s journey and we will always remain thankful for their contribution in building Zupee into what it is today. We are providing comprehensive support to help our colleagues step seamlessly & with confidence into their next roles,” said Dilsher Singh Malhi, Founder & CEO of Zupee. As part of the separation package, Zupee is offering affected employees severance pay of up to six months, extended health benefits, and a Rs 1 crore medical support fund. The company has also promised priority rehiring for those impacted. The layoffs at Zupee come weeks after other RMG companies, including Head Digital Works (A23), MPL, Baazi Games, and Games24x7, cut hundreds of jobs following the ban. A23’s parent company recently let go of nearly 500 employees, or two-thirds of its staff. Founded in 2018 by Malhi and Siddhant Saurabh, Zupee had been among the leading players in the RMG space, claiming over 150 million registered users. With RMG now off the table, the company is pivoting to social and casual games, while also experimenting with subscription products such as Zupee Plus and original short-form content under Zupee Studio. Zupee’s revenue from operations grew by 35% year-on-year to Rs 1,123 crore in FY24 from Rs 832 crore in FY23. Moreover, it also turned profitable during the same period, posting a net profit of Rs 146 crore. Its FY25 report has yet to be released. The RMG ban has triggered a wave of layoffs across the sector, forcing companies to explore ad-driven and subscription-led monetisation models. Like Zupee, WinZo has forayed into microdramas, while Dream11’s parent has entered the wealth management space with its new app Dream Money.

30 Startups To Watch: AI Startups That Caught Our Eyes In February 2024

Inc42Inc42 · 1y ago
30 Startups To Watch: AI Startups That Caught Our Eyes In February 2024
Medial

India's Generative Artificial Intelligence (GenAI) startup ecosystem is poised for exponential growth, with the market expected to surpass $17 billion by 2030. Inc42 has highlighted 30 promising GenAI startups to watch, with a majority based in Bengaluru. These startups are using GenAI tools and technologies to automate content creation, enhance user experience, optimize business processes, and improve decision-making. Some notable startups include Alltius, which offers AI assistants for enterprise applications, and Athina AI, which helps companies evaluate and ensure the safety of their AI models. Other startups focus on areas like synthetic data generation, recruitment automation, video content creation, and code error correction, among others. With the Indian AI ecosystem on the brink of rapid growth, these startups are at the forefront of innovation in the country.

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