WinZO Games posts ₹120-crore operating profit in FY23 after similar loss in FY22
₹120 crore in FY23, after positing a ₹120 crore loss in FY22, according to financials submitted to the Ministry of Corporate Affairs. Founded in 2018 by second-time entrepreneurs Paavan Nanda and Saumya Singh Rathore, WinZO Games saw its revenue surge 182% from ₹242 crore in FY22 to ₹687 crore in FY23.
The turnaround could be attributed to WinZO's multi-gaming platform approach and micro-transaction model, which have led to superior cohort retention and distribution metrics. The company has amassed an organic user base of 175 million – representing about 30% of India's online gamers – in just five years.
The founders had previously told Mint that by partnering with more than 100 game developers, the platform had established a sustainable monetisation model that outperformed traditional methods. WinZO follows a community-led distribution strategy, which ensures equitable marketing spends among micro-entrepreneurs across India, fostering inclusive growth and accessibility.
The company, which has just 150 employees, has so far raised $100 million from investors including Kalaari Capital, Griffin Gaming Partners, Maker’s Fund, Courtside Ventures and Pags Group. Last year WinZO Games announced the launch of its platform in Brazil with an investment of $25 million, as challenges mounted for India’s gaming ecosystem with the implementation of a 28% tax.
On 27 March Mint reported, citing a source, that the federal indirect tax body is unlikely to make any changes to the 28% GST regime on online money gaming until the Supreme Court gives its final order on a bunch of tax disputes for the period prior to its introduction last October. As per the decisions of the 51st GST Council meeting last August, ministers were to review the
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