Online gaming startup winzo saw its consolidated operating revenue zoom nearly 3X to INR 673.94 Cr in the financial year ended March 31, 2023 (FY23). The Delhi NCR-based gaming major reported an operating revenue of INR 233.89 Cr in the previous fiscal year.
Founded by Paavan Nanda and Saumya Singh in 2018, WinZO is an online skill-based gaming startup that partners third-party developers to host games on its mobile-based application. It earns revenue through platform fees charged from users for real-money games.
Including other income, the startup’s total revenue rose 2.8X to INR 690.71 Cr during the year under review from INR 244.8 Cr in FY22.
Despite the strong growth in operating revenue, WinZO’s net loss surged 1.9X to INR 710.15 Cr in FY23 from INR 370.1 Cr in the previous fiscal year.
It must be noted that the gaming startup reported a non-operating expense of INR 835.9 Cr in FY23 due to change in fair value of compulsory convertible preference shares. Excluding this amount, WinZO posted a profit of INR 126 Cr during the year under review.
In FY22, the startup reported a non-operating expense of INR 240.45 Cr.
