Gaming startup Winzo Games saw its operating revenues rise 182 per cent to ₹687 crore in FY23 from ₹242 crore in FY22.

The company reported operating profit of ₹120 crore in FY23, according to financials submitted to the Ministry of Corporate Affairs.

Winzo attributed the success to its innovative multi-gaming platform approach and micro-transaction model. The company has also focused on casual gaming. WinZO has organically amassed 175 million users and partnered with over 100 game developers.

Winzo Games has raised $100 million from investors including Kalaari Capital, Griffin Gaming Partners, Maker’s Fund, Courtside Ventures and Pags Group.

Last year, in a bid to diversify due to the implementation of a 28 per cent tax, the company announced the launch of its platform in Brazil with an investment of $25 million.

In FY24, the company anticipates significant variations in margins primarily attributed to the impact of the increase in GST. This substantial rise is expected to significantly influence its financial performance, necessitating planning and proactive measures to mitigate its effects and maintain profitability.