Zupee has surpassed 150 million users, up from 100 million in November, the skill-based gaming platform said on June 30, adding 50 million users in eight months.
Zupee also claimed that gameplay volume doubled to 12.5 billion during the period, reflecting the growing adoption of its real-money gaming platform.
Founded by Dilsher Singh Malhi and Siddhant Saurabh in 2018, Zupee focuses on online ludo, offering four different real-money gaming variants. Its flagship format is Ludo Supreme, while other formats include Ludo Turbo and Ludo Supreme League.
Zupee claims that the formats offer shorter, faster gameplay, often under 10 minutes, to suit mobile-first Indian audiences. It has also introduced dice-less mode and move-based scoring. Apart from Ludo, the company offers real-money gaming variants of Snakes and Ladders and Trump Cards.
The Gurugram-based startup makes money by charging platform fees from players for allowing them to access real-money games hosted on its platform.
"We at Zupee are creating more than just formats of ludo; we are building a transparent, skill-based gaming culture where entertainment branches with fairness and innovation. As we continue to scale, we are committed to delivering a seamless gaming experience for our users with strong focus on technological innovation and responsible game play” Govind Mittal, chief spokesperson, said in a statement.
Zupee turned profitable in the FY24, on the back of growth in its user base and the company's product and data efforts.
The firm reported a profit of tax of Rs 146 crore against a loss of Rs 36 crore in FY23, marking its first full year of profitability since its inception. Revenue jumped 36.5 percent to Rs 1,123 crore. The strong performance was despite an increased tax burden due to 28 percent goods and services tax (GST) regime implemented in October 2023.
Zupee was valued at $600 million when it raised a $102-million funding round in January 2022. The company has raised more than $121 million to date and counts WestCap Group, Tomales Bay Capital, Nepean Capital, AJ Capital, Matrix Partners India and Orios Venture Partners among its investors. It has over 300 employees.
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