WinZO announced its audited financial results for the fiscal year ending March 31, 2024, reporting record-breaking revenue and profitability despite a dynamic regulatory landscape. It is noteworthy that FY24 reflects only six months of the impact from the 400% increase in GST on online gaming, which came into effect on October 1, 2023. The full-year financial impact of this revised taxation will be seen in FY25.
Key Financial Highlights (FY24 vs FY23):
Revenue from Operations: ₹1,055 Crore (up 70% YoY from ₹619 Crore)
Adjusted Profit After Tax: ₹315 Crore (up 151% YoY from ₹125 Crore)
While the company acknowledged the impact of the revised 28% GST on gross receipts, applicable from October 1, 2023, it noted that the full financial effect will be reflected in FY25.
Strategic Growth Drivers:
Massive User Base Expansion: WinZO has organically grown to 250 million users, capturing ~40% of India’s online gaming audience.
Multi-Game, Microtransaction Platform: With over 50 titles across genres including Carrom, Ludo, 8 Ball Pool, Car-racing etc and strategy games such as Chess & Checkers, WinZO’s platform drives high user retention and diversified monetization.
Developer-Led Monetization: With 50+ developer partners, WinZO delivers superior monetization outcomes versus traditional platforms like Google Play and Apple’s App Store.
Operational Excellence: A lean 200-member team enabled the company to cross ₹1,000 Crore in revenue and ₹300 Crore in profit. WinZO has filed over 50 technology patents, reinforcing its innovation-first culture.
Global Expansion: Following its successful India playbook, WinZO launched in Brazil and now delivers localized, multi-language gaming experiences across 16 languages—setting the stage for global scalability.
Outperforming the Industry: In FY24, WinZO outpaced peers in both growth and profitability:
Revenue growth: WinZO (70%) vs Nazara (4%), Zupee (34.9%), MPL (22%)
WinZO’s community-led, tech-enabled model positions it as the most profitable gaming company in the country, breaking away from the loss-heavy playbooks of its contemporaries.
Joint Statement by Paavan Nanda & Saumya Singh Rathore, Co-founders, WinZO:
"WinZO’s personalized technology offers the most affordable entertainment to 250 million Indians while empowering thousands of creators and developers. We’re not just building a gaming company—we’re shaping a globally scalable ecosystem rooted in Indian innovation. Our ambition is bold: to create a tech powerhouse from India that inspires the world with its innovations and scale alike."
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