WinZO’s revenue crosses Rs 100 Cr in FY21, improves unit economics
- ByStartupStory | May 14, 2022
India’s online gambling industry has received a great deal of attention from venture capital and private equity investors over the past three years, with an estimated market size of 101 billion rupees and is expected to grow to 15.3 billion rupees.
With a significant population in the 15-30 age bracket of mobile users nationwide, India stands out as a profitable market for businesses to provide gaming content for consumption. One such startup that has benefited from a surge in funding is WinZO, which hunted down a $ 65 million round led by Griffin Gaming Partners near the end of FY21.
WinZO claims to serve as a platform for third-party game developers to host multiplayer games, with over 75 million registered users. The company hired Mahendra Singh Dhoni as a brand ambassador in March of this year, and also launched a $ 20 million game development fund. Originally limited to multiplayer skill games, WinZO is now hosting daily sports fantasy contests on its platform. The prize pool for predicting the winning team is up to Rs 200 million and the ticket per entry is up to Rs 4,400.
Operating revenue increased 287% to Rs.103.46 crore compared to the Rs.26.72 crore earned in the previous fiscal year (FY-20). WinZO also generated non-operating income of 1.66 billion rupees from financial assets in the form of interest income and gain on sale of assets during the year.
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