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Monday, May 20, 2024

Winzo Games, a burgeoning gaming startup, achieves ₹120 crore in operating profit for fiscal year 2023

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In Short:

Winzo Games, a gaming startup, saw a big increase in revenue in FY23, reaching ₹687 crore. The company credits its success to its multi-gaming platform and micro-transaction model. With 175 million users and partnerships with over 100 developers, Winzo has raised $100 million from investors. The company plans to expand to Brazil and is preparing for changes in margins due to GST increases in FY24.

Winzo Games Sees Impressive Revenue Growth in FY23

Exciting news from the gaming world! Winzo Games has experienced a whopping 182% increase in operating revenues, soaring to ₹687 crore in FY23 from ₹242 crore in FY22. This is a remarkable achievement for the gaming startup.

Key Financial Insights

According to financials submitted to the Ministry of Corporate Affairs, Winzo Games also reported an operating profit of ₹120 crore in FY23. This demonstrates the company’s strong financial performance and growth trajectory.

  • Also read: WinZO to deploy $50 m in global gaming ecosystem

Innovative Approach Leads to Success

Winzo attributes its success to its innovative multi-gaming platform approach and micro-transaction model. By focusing on casual gaming, the company has been able to organically build a user base of 175 million and establish partnerships with over 100 game developers.

Investment and Expansion

Recognizing the importance of diversification, Winzo Games raised $100 million from investors such as Kalaari Capital, Griffin Gaming Partners, Maker’s Fund, Courtside Ventures, and Pags Group. The company also expanded its operations to Brazil with a $25 million investment to mitigate the impact of a 28% tax implementation.

Future Outlook

Looking ahead to FY24, Winzo Games anticipates significant variations in margins due to the impact of an increase in GST. The company is proactively planning and implementing measures to mitigate these effects and ensure continued profitability.

Keep an eye out for more exciting developments from Winzo Games as they continue to innovate and grow in the gaming industry!

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