Zupee’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: Cashgrail Private Limited | CIN: U72900HR2019PTC083892
Zupee, founded in 2018 by Dilsher Malhi and Siddhant Saurabh, is a Gurugram-based skill-based gaming platform that pioneered cash-based casual games in India. Since launch, Zupee has expanded across 4,000+ cities, serving over 130 million users with skill-focused titles like Ludo, Snakes & Ladders, and Trump Cards. Leveraging data-driven product development and strong brand partnerships, Zupee transformed its user growth into robust financial performance, achieving a first annual profit in FY24. The platform’s focus on operational agility, regulatory compliance, and user engagement underpins its trajectory toward sustained profitability and future strategic expansion.
| Founding year | 2018 |
|---|---|
| Headquarters | Gurugram, Haryana, India |
| Valuation | Estimated ~$1B+ (post-FY24 profitability) |
| Total Funding | $150M+ over multiple rounds |
| Employees | ~300 (FY24) |
| Annual Revenue (INR) | ₹1,123 Cr (FY24) |
| Annual Net Profit (INR) | ₹146 Cr profit (FY24) |
| Profit Margin | 13% (FY24) |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Seed | 2018 | Undisclosed | Not disclosed | Smile Group, early angels |
| Series A | Apr 2020 | $8M | Not disclosed | Matrix Partners India, others |
| Series B | Aug 2021 | $30M | ~$600M valuation | WestCap Group, Tomales Bay Capital |
| Series C | Jan 2022 | $72M | ~$700M valuation | Orios Venture Partners, Matrix Partners, others |
| Series C Extension | Mid 2023 | $10M | Not disclosed | Existing investors |
| Series D | 2024 | $40M | ~$1B valuation | Orios, WestCap, others |
Zupee’s revenue increased from ₹405 Cr in FY22 to ₹832 Cr in FY23 (↑105%) and ₹1,123 Cr in FY24 (↑35%), while net loss narrowed from ₹130 Cr in FY22 to ₹36 Cr loss in FY23 and turned into ₹146 Cr profit in FY24, reflecting rapid growth and operational efficiency.
Profit margin improved significantly from approximately -32% in FY22 to -4% in FY23 and reached ~13% in FY24, indicating strong unit economics and cost management.
Employee count grew from ~200 in FY22 to ~250 in FY23 and ~300 in FY24, supporting product development, marketing, and operational scaling. Future hiring will focus on data science, product optimization, and regulatory compliance to sustain growth.
- Expand game portfolio beyond Ludo and casual titles, exploring skill-based segments appealing to broader demographics.
- Strengthen compliance and regulatory readiness across Indian states for real-money gaming operations.
- Enhance product engagement through AI-driven personalization, tournaments, and social features.
- Optimize unit economics by balancing user incentives and platform fees while scaling marketing efficiency.
- Evaluate strategic partnerships or IPO options post sustained profitability, leveraging market leadership in skill gaming.
In FY24, Zupee achieved ₹1,123 Cr revenue and first annual profit of ₹146 Cr, driven by 35% revenue growth and operational efficiencies amid evolving GST rules. The platform expanded its user base by 60%, invested in product innovation, and managed costs effectively. Recent funding supports further expansion into new game verticals and deeper market penetration, positioning Zupee for sustainable growth and potential strategic partnerships or IPO discussions in the coming years.
| Metric | Details |
|---|---|
| Employees | 200 → 250 → 300 |
| Revenue | ₹405 Cr → ₹832 Cr (↑105%) → ₹1123 Cr (↑35%) |
| Net Profit/Loss | ₹130 Cr loss → ₹36 Cr loss → ₹146 Cr profit |
| Profit Margin | -32% → -4% → 13% |
| Valuation & Funding | Estimated ~$1B+ (post-FY24 profitability); $150M+ over multiple rounds |
| IPO Status | Private; first profitability in FY24; exploring strategic growth options. |
| Expansion Focus | New game verticals, deeper market penetration, product innovation, potential partnerships or IPO. |
| Latest News | ₹1,123 Cr revenue, ₹146 Cr profit in FY24; 35% growth and profitability milestone. |
Zupee’s rapid revenue growth and first annual profit in FY24 highlight its success in scaling skill-based gaming in India. Continued focus on product diversification, regulatory compliance, and cost optimization will be crucial for sustained growth and potential exit planning.
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