Winzo Games records Rs 120 crore operating profit in FY23
ETtech
Synopsis
Winzo Games, a homegrown social-gaming startup, anticipates significant variations due to the impact of increase in GST which is expected to influence its financial performance.
By ETtech
Homegrown social-gaming startup Winzo Games posted an operating profit of Rs 120 crore in FY23, according to financials submitted to the Ministry of Corporate Affairs.
The turnaround can be attributed to its multi-gaming platform approach and micro-transaction model. Further, the platform has amassed 175 million users within five years and partnered with over 100 game developers.
The company, however, anticipates significant variations due to the impact of increase in GST which is expected to influence its financial performance.
Winzo Games has 150 employees and 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, in a diversification bid while challenges mounted for India’s gaming ecosystem with the implementation of a 28% tax.
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Winzo Games also saw its revenue grow 182% from Rs 242 crore in FY22 to Rs 687 crore in FY23.Elevate Your Tech Prowess with High-Value Skill Courses
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The company, however, anticipates significant variations due to the impact of increase in GST which is expected to influence its financial performance.
Winzo Games has 150 employees and 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, in a diversification bid while challenges mounted for India’s gaming ecosystem with the implementation of a 28% tax.
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