Gaming platform Zupee on September 15 announced its foray into esports, continuing its efforts to diversify after India's blanket ban on real-money games (RMG).
This comes after the recent launch of Zupee Studio, which currently offers bite-sized drama shows to over 200 million registered users and is expected to play a key role in the platform's esports push.
Three pillars of Zupee's esports strategy
Zupee founder Dilsher Singh Malhi said the company plans to reimagine traditional Indian games such as Ludo, Carrom and Chess as global esports formats, broaden access through smartphone-based gaming, and build a team of designers, engineers, storytellers and community builders.
“India doesn’t just have to participate in this movement, we can lead it. With our mobile-first user base and gaming heritage, we have the fundamentals to create an esports ecosystem that is inclusive, innovative, and globally relevant,” he said.
India's 750 million internet users and rich gaming heritage provide the foundation to build a thriving and inclusive esports ecosystem in the country, he added.
Zupee Studio to fuel esports push
Zupee Studio will blend gaming and entertainment through live tournament streaming, player storytelling, and localised esports broadcasting, making competitive play engaging for Indian audiences.
Apart from creating new opportunities for players, esports will generate employment across shoutcasting, content creation, and broadcasting, Malhi said. He added that it will also position traditional Indian games as cultural exports on the global stage while serving as a testbed for emerging technologies such as AI (Artificial Intelligence) and AR (Augmented Reality)/VR (Virtual Reality).
Founded by Malhi and Siddhant Saurabh in 2018, Zupee focuses on board games such as Ludo and Snakes and Ladders, and had recently introduced carrom on the platform. Following the RMG ban, the startup had stated plans of expanding its range of online social games on an ad-supported basis.
The startup had reported its first full year of profitability in the financial year 2024, posting a profit after tax of Rs 146 crore in FY24 compared to a loss of Rs 36 crore in FY23. Zupee also saw a 36.5 percent jump in its revenue to Rs 1,123 crore for FY24, from Rs 823 crore in FY23.
Zupee's subscription foray
Last week, Moneycontrol reported that Zupee had launched a paid subscription service called Zupee Plus - priced at Rs 499 for three months - offering ad-free games and unlimited access to shows.
At the same time, the company cut 170 jobs, about 30 percent of its workforce, making it one of the latest casualties of the government’s RMG ban.
Zupee was last valued at $600 million when it raised a $102 million funding round in January 2022. The company has raised a total of over $121 million to date and counts WestCap Group, Tomales Bay Capital, Nepean Capital, AJ Capital, Z47 (previously Matrix Partners India), and Orios Venture Partners among its investors.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
