New Delhi, Apr 22 (PTI) Real money gaming firm Zupee has posted its first-ever profit for the financial year 2024-25 at Rs 146 crore despite the load of 28 per cent GST levied on gaming firms in the second half of the year, a top company official said on Tuesday.

The company registered a net revenue of Rs 1,123 crore during the fiscal year under review.

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"Financial year 2024 was a remarkable year for us. We posted a first year of full profitability at Rs 146 crore due to our strong fundamentals. Our revenues were at Rs 1,123 crore," Zupee Founder and CEO Dilsher Singh Malhi told reporters here.

He said that Zupee registered a 60 per cent growth in user base, with significant traction across new regions and demographics.

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When asked about the impact of 28 per cent GST imposed by the government on real money gaming firms, Malhi said that the levy did impact the Zupee's structure but it was able to glide through on account of users experience, expansion and growth in customer base.

"While the 28 per cent GST implementation in the latter half of the year posed structural challenges across the gaming industry, Zupee ludo sustained its momentum through operational agility, early adaptability, and a product-first approach. The full-year impact of the revised GST regime will reflect in FY25," Malhi said.

He said Zupee still continues to advocate for a balanced tax framework that differentiates skill-based games from games of chance.

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