WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24

Entrackr · 29d

WinZO posts Rs 1,055 Cr revenue and Rs 315 Cr profit in FY24 The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Gaming publisher WinZO reported a 70% year-on-year surge in operating revenue to Rs 1,055 crore in the fiscal year ending March 2024, while its profit after tax (PAT) jumped 2.5X to Rs 315 crore during the same period, according to a company’s press release. The company’s top and bottom lines appear impressive despite a significant policy headwind: a 400% hike in GST on online gaming, which increased to 28% on gross receipts starting October 1, 2023. Since the revised tax rate applied only for half the fiscal year, WinZO expects the full financial impact to be visible in FY25. Founded by Paavan Nanda and Saumya Singh Rathore, WinZO claims to have 250 million registered users. Backed by 50 developer partners and a lean team of 200 employees, the company also claims to have filed over 50 tech patents. Its game portfolio largely comprises casual titles such as Carrom, Ludo, 8 Ball Pool, and Chess. According to the release, the company facilitated 1 in every 200 UPI transactions in India last year and has built a network of over 75,000 micro-influencers and gaming creators in smaller cities and towns. WinZO has raised $100 million in funding from global investors including Kalaari Capital, Griffin, Courtside Ventures, and Makers Fund. In FY23, the company transitioned to IndAS accounting standards. As a result, it recorded a non-cash expense of Rs 999 crore due to fair value treatment of CCPS as liabilities, not equity.