WinZO Reports 70% Revenue Growth in FY24

Gaming publisher WinZO has recorded a remarkable 70% year-on-year growth in operating revenue, achieving Rs 1,055 crore in the fiscal year concluding in March 2024. Simultaneously, the profit after tax (PAT) soared 2.5 times to Rs 315 crore during the same timeframe, as highlighted in the company’s press release.

This success enables WinZO to surpass its competitors in revenue growth for FY24, in contrast to Nazara’s 4%, Zupee’s 34.9%, and MPL’s 22% increases.

WinZO’s financial achievements are striking, particularly in light of the significant hurdles posed by policy shifts: an increase of 400% in the GST on online gaming, which has risen to 28% on gross receipts starting from October 1, 2023.

As this revised tax rate was only applicable for half of the fiscal year, WinZO anticipates that the complete financial effect will be evident in FY25.

Company Background and User Base

Founded by Paavan Nanda and Saumya Singh Rathore, WinZO boasts a registration of 250 million users. Supported by 50 developer partners and a focused team of 200 employees, the company has also filed over 50 technology patents. Its gaming portfolio primarily consists of casual games, including Carrom, Ludo, 8 Ball Pool, and Chess.

Community Impact and Investment

The company played a pivotal role in facilitating 1 in every 200 UPI transactions in India over the past year and has developed a network of more than 75,000 micro-influencers and gaming creators across smaller cities and towns.

WinZO has successfully secured $100 million in funding from various global investors, including Kalaari Capital, Griffin, Courtside Ventures, and Makers Fund.

Adoption of New Accounting Standards

In FY23, the firm transitioned to IndAS accounting standards. Consequently, it reported a non-cash expense of Rs 999 crore as a result of fair value treatment of CCPS classified as liabilities, rather than equity.