The online gaming sector in India was valued at $3.7 billion in 2024 and is projected to reach $9.1 billion by 2029. Real Money Gaming (RMG) dominates this sector, contributing 85.7% of the revenue, valued at $3.2 billion in 2024, and growing at 18% annually.
In a country where smartphones are ubiquitous and digital entertainment is a way of life, the gaming industry has found fertile ground—and in that landscape, WinZO has emerged as a trailblazer.
Founded in 2018 by Paavan Nanda and Saumya Singh Rathore, WinZO was conceived with a bold vision: to democratize gaming in India by making it more social, more accessible, and more rewarding.
Both founders brought distinct strengths to the table. Paavan, an IIM Calcutta graduate and serial entrepreneur who previously co-founded Zostel, paired his strategic and operational expertise with Saumya’s deep psychological insights. She holds a Master’s in Psychology from the University of Manchester and is a certified Chartered Psychologist. Having worked together earlier at Zo Rooms, they understood the challenges of scaling in India’s complex consumer landscape.
Their opportunity was clear. India had rapidly evolved into a global gaming hotspot, home to 591 million gamers, accounting for 20% of global mobile gaming users.
However, the ecosystem lacked inclusivity. Many platforms catered to English-speaking urban users and monetized heavily through ads or expensive in-app purchases. WinZO founders flipped this model.
Launched as a vernacular social gaming platform, the company enabled users to play skill-based games starting at just Re 1, in 16 regional languages through winzo app.
From classics like Ludo and Carrom to titles like 8 Ball Pool and Chess, the platform offered over 100 games. But more importantly, it created a hyper-engaged user base.
The average time spent on the platform reached 55 minutes per day, with over 200 million micro-transactions every month.
The platform wasn’t just a source of entertainment, it became a means of digital empowerment. For 20% of WinZO’s users, it was their first-ever online financial transaction.
Over time, the company scaled to over 250 million registered users, expanding beyond India into markets like Brazil in 2023, with ambitions to enter South Asia and the Middle East soon.
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WinZO has raised a total of $92 million funding to date. In July 2021, it secured $65 million in a Series C round led by Griffin Gaming Partners, with participation from marquee investors like Maker’s Fund, Courtside Ventures, and Kalaari Capital.
This followed earlier rounds of $5 million Series A and $18 million Series B funding.
Winzo valuation is currently over $366 million (as of the latest reported valuation), and it continues to attract global attention as India’s leading real-money gaming platform.
Financially, WinZO’s revenue growth has been staggering. In FY23, the company posted revenue of ₹619 crore with a profit after tax of ₹129 crore. In FY24, these figures surged to ₹1,055 crore in revenue and ₹315 crore in PAT, reflecting a year-on-year revenue growth of 70% and more than 2.5x increase in profit.
These numbers are particularly impressive considering the new 28% GST regime on online gaming, which came into effect in October 2023. Despite the increased regulatory scrutiny, the company has not only weathered the storm but remained strongly profitable—a rare feat in India’s startup ecosystem.
Behind these figures lies a series of strategic moves. WinZO has forged partnerships with leading gaming developers and global brands such as Garena (Free Fire) and Nazara Technologies, helping creators monetize through its unique microtransaction engine.
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Winzo acquired Upskillz Games in 2022 in an all-cash deal to strengthen its content portfolio. On the fintech front, the company has integrated with Paytm, Google Pay, PhonePe, and BHIM, ensuring seamless payment experiences for its users across Bharat.
Brand building has played a critical role in WinZO’s rise. In 2022, MS Dhoni joined as the brand’s ambassador, lending massive credibility and reach. Digital creators like CarryMinati and Bhuvan Bam also came onboard, helping the brand penetrate deeper into Gen-Z and tier-II and III markets through relatable content and influencer-led marketing.
WinZO is also making its mark in intellectual property and innovation. The company has filed over 50 technology patents and introduced breakthrough engagement tools like WinZO Versus, fostering community competition. At its core, WinZO is building a platform where developers, gamers, and communities converge in a mutually rewarding ecosystem.
What makes WinZO truly stand out is its ability to blend scale with sustainability. In a sector known for high user acquisition costs and low margins, WinZO has managed to stay profitable, deeply localized, and constantly evolving.
It’s not just India’s largest real-money gaming platform, it’s one of the few globally to show strong profitability while scaling rapidly. From a startup enabling ₹1 transactions to a ₹1,000+ crore gaming powerhouse with eyes set on the world, WinZO is not just playing the game—it’s rewriting the rules.
