WinZO reports 150% jump in FY24 profit buoyed by user base expansion

Online gaming platform WinZO has reported a 150.7% rise in profit to Rs 315.12 crore in the fiscal year ended March 2024, helped by expansion in its user base.

The Delhi-based company also saw its revenue jump 70.4% to Rs 1055.2 crore in FY24, compared with Rs 619.42 crore earned in the previous fiscal year.

However, WinZO noted that results only reflect the impact of the 400% increase in GST levied on the online gaming industry from October 1. It added that the full-year financial impact of the revised taxation will be seen only in FY25.

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WinZO's user base grew to 250 million users, claiming about 40% of the country’s online gaming audience, helped by a growing number of game titles across genres.

Having established command over its Indian audience, it has set its sights on international markets and has gotten a foothold in Brazil. It has also ramped up localised and multi-language experience across 16 languages.

According to the company, it has surpassed its listed rival, Nazara Technologies, in terms of profit.

"WinZO’s personalised 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,” said co-founders Paavan Nanda and Saumya Singh Rathore in a joint statement.