Zupee: Where Classic Games Meet Skill and Innovation

Shevaughn Pimenta, Apoorva Bajj

Oct 21, 2024 — 12 min read

Zupee Success Story

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Offering a unique twist on beloved games like Ludo and Snakes & Ladders, Zupee delivers easy-to-learn, quick gameplay while ensuring a delightful user experience. With a focus on responsible gaming, safe transactions, and cutting-edge partnerships, Zupee has grown exponentially, becoming a leading name in the Indian gaming market.

In this article, let's explore the world of Zupee—its founders, History, Startup story, business and revenue model, funding, growth, and all the information about the company.

Zupee - Company Highlights

Name	Zupee
Headquarters	Gurugram
Sector	Media and Entertainment
Founders	Dilsher Malhi and Siddhant Saurabh
Founded	2018
Valuation	$600 million (2022)
Website	Zupee.com

Zupee - About
Zupee - Industry
Zupee - Founders and Team
Zupee - Startup Story
Zupee - Mission and Vision
Zupee - Name, Tagline and Logo
Zupee - Business Model
Zupee - Revenue Model
Zupee - Challenges Faced
Zupee - Funding and Investors
Zupee - Growth
Zupee - Advertisements and Social Media Campaigns
Zupee - Awards and Achievements
Zupee - Competitors
Zupee - Future Plans

Zupee - About

Zupee is a rapidly expanding online gaming platform from India. It focuses on skill-based games that add fun to your daily routine.

Whether you're in the mood for a free game or looking to try your luck in a pay-to-play option, Zupee has something for everyone. Their standout offering is Ludo, a favorite among users. As one of the leading players in India's casual and board games space, Zupee combines entertainment with challenge, making each gaming experience engaging and enjoyable.

Plus, all their games are certified by the All India Gaming Federation (AIGF), ensuring they meet the criteria for skill-based play.

Zupee - Industry

The gaming industry in India is on an upward trajectory, emerging as a powerhouse in the global market. Here's a closer look at what makes this sector so exhilarating:

Leading Mobile Gaming Market: India ranks as the world’s largest mobile gaming market, showcasing impressive app download statistics that reflect the growing interest among gamers.
Booming Revenues: In 2022, transaction-based game revenues surged by 21% compared to the previous year. Projections suggest a continued growth rate of 20% by FY25, with the market poised to reach INR 231 billion.
Fantasy Sports Leader: With a user base of 180 million, India boasts the largest fantasy sports market globally. This segment is expected to grow at a compound annual growth rate (CAGR) of 33%, aiming for INR 25,300 crore by FY27.
Investment Surge: Over the last five years, the Indian gaming industry attracted a remarkable $2.8 billion from domestic and international investors. Notably, funding escalated by 380% since 2019, with a 23% increase from 2020 alone.

Government Initiatives to Boost Growth

The Indian government is actively investing in the future of gaming:
- Establishing a National Animation, Visual Effects, Gaming and Comic (AVGC) Centre of Excellence in partnership with IIT Bombay.
- Karnataka and Telangana are implementing dedicated AVGC policies at the state level.
- An AVGC Task Force will be formed to unlock the sector’s full potential.
Rising Unicorns: India has already produced three gaming unicorns: Game 24X7, Dream11, and Mobile Premier League, reflecting the industry's growing economic impact.

Current Challenges and Future Prospects

Despite the recent implementation of a 28% goods and services tax (GST) on gaming, the industry remains optimistic. Current estimates value the sector at approximately $3.1 billion, with projections indicating it could reach $8.92 billion within the next five years.
Real Money Gaming (RMG) Dominance: The RMG sector is a major revenue generator, accounting for 83-84% of total revenue. With around 100 million online gamers, including 90 million who are willing to pay, this segment continues to thrive.

However, the introduction of a blanket tax without distinguishing between skill and chance games has added pressure on the industry, as skill gaming platforms previously operated under an 18% GST on platform fees, known as Gross Gaming Revenue (GGR).

Zupee - Founders and Team

Dilsher Singh Malhi

As the founder and CEO of Zupee, Dilsher Singh Malhi has a remarkable journey that began with his graduation from IIT Kanpur in 2017, where he earned a B.Tech in Chemical Engineering. During his time at IIT, he led the Simutech Club, offering students a platform to explore projects in chemical engineering. Dilsher also discovered his true passion—psychology. He realized that understanding human behavior is incredibly complex, requiring knowledge from multiple fields of science to gain a deeper insight into the human mind. This complexity and the intricate nature of human behavior have fascinated him ever since. If that's not enough, Dilsher’s academic pursuits also took him to Switzerland, where he worked as a Research Associate at EPFL.

When he’s not innovating in the gaming world, Dilsher enjoys gaming, delving into books, and exploring human behavior psychology. An avid NBA fan, he dreams of catching a game at Madison Square Garden soon!

Siddhant Saurabh

Siddhant Saurabh, the co-founder and CTO of Zupee, completed his B.Tech in Computer Science and Engineering from IIT Kanpur in 2016.

A true tech guru, Siddhant is a music enthusiast and can often be found at work sporting a pair of headphones, immersed in his favorite tunes. His passion for technology and music blends perfectly to fuel the innovative spirit at Zupee!

Zupee - Startup Story

Launched in 2018 by the dynamic duo Dilsher Singh and Siddhant Saurabh, Zupee is a cutting-edge gaming platform that aims to transform the real money gaming landscape. Zupee initially gained significant success as a quizzing game. It was highly engaging and people loved it, leading to impressive top-line growth. While they were still figuring out the best ways to monetize and scale that model, they made a bold decision to pivot by shifting focus to more casual, culturally familiar games like Ludo, which marked a major turning point. This move laid the foundation for the platform's evolution.

Driven by the iconic Bollywood adage, “Zindagi lambi nahi, badi honi chahiye,” Dilsher launched Zupee with a mission to create a product that brings joy and enhances the quality of life. On the other hand, Siddhant is the mastermind behind the sleek, user-friendly app that has captivated a growing audience. He designed a tech stack architecture that is both elegant and robust, ensuring seamless service for Zupee’s expanding user base.

Today, Zupee offers a variety of games, many of which have performed exceptionally well, establishing it as a versatile platform in the gaming space.

Zupee - Mission and Vision

Mission of Zupee

At Zupee, their mission is to provide easy-to-learn and entertaining games that bring joy to players of all ages. They strive to create a unique gaming experience by adding innovative twists to beloved classics like Ludo and Snakes & Ladders, ensuring that fun and entertainment are accessible to everyone. Their goal is to cultivate a welcoming environment where gaming transcends barriers, allowing all users to connect, play, and enjoy.

Vision of Zupee

The vision at Zupee is to be the leading platform for casual gaming, where familiar games are reimagined for a modern audience. They aspire to be a one-stop destination for fun and entertainment through our super app, providing a seamless experience that engages and delights users. By continuously enhancing our offerings and staying true to their brand values, they aim to redefine the gaming landscape and foster a vibrant community of gamers.

Zupee - Name, Tagline and Logo

Zupee Old Logo and Zupee New Logo

Zupee introduced its new brand identity, marking a significant step in its journey to deliver a positive, unique, and engaging experience for all its users with a refreshed logo and a bold, energetic color palette that embodies the vibrant gaming spirit.

Zupee's new logo perfectly captures the essence of joyful moments, featuring a vibrant spark integrated into a bold "Z" letterform. This playful design exudes energy and enthusiasm, reflecting the brand's commitment to fun and engaging experiences. The accompanying logotype is dynamic and approachable, showcasing friendly quirks that echo the lively spark in the symbol. Together, these elements create a logo that is bright, delightful, and distinctly representative of Zupee.

Zupee - Business Model

Here’s a closer look at the key components of Zupee's business model:

Skill-Based Gaming: Zupee revolutionizes classic board games by introducing skill elements. As the first online gaming platform to do so, Zupee enhances the traditional Ludo experience with strategic elements from the get-go, making gameplay more engaging and competitive.
Responsible Gaming: Player safety is a top priority at Zupee. To promote responsible gaming, all games are designed to be short, typically lasting between 8 to 10 minutes. This encourages players to take regular breaks, fostering a healthier gaming environment.
Strategic Partnerships: Zupee has formed partnerships with major players in the industry, including Reliance Jio Platforms, to distribute its content to Jio phone users, expanding its reach and accessibility.
Safe Money Transactions: Zupee ensures secure financial transactions for its players. With partnerships in place, users can conveniently add funds to their game wallet using various methods, including UPI, bank accounts, e-wallets, and debit/credit cards, guaranteeing a smooth and secure gaming experience.

With this robust business model, Zupee not only enhances the online gaming landscape but also prioritizes player engagement and safety, ensuring an enjoyable experience for all users.

Zupee - Revenue Model

Zupee’s Super App

Zupee has erased the hassle of downloading individual games. With their new super app, a player can now access all their favorite games—and any exciting new launches—all in one place.

The super app is designed to give you seamless access to a delightful gaming experience, reinforcing our commitment to keeping fun and entertainment at your fingertips.

Popular Games on Zupee

With just one app available on both Android and iOS, a player can dive into a variety of thrilling games. Here are six popular titles they can enjoy through Zupee’s super app:

Ludo Supreme: A time-based game featuring dice (iOS & Android)
Ludo Ninja: A limited move-based game without dice (Android)
Ludo Turbo: A limited move-based game with dice (Android)
Snakes and Ladders Plus: A unique multi-token format for a limited move-based game (Android)
Trump Card Mania: A round-based game with an exciting IPL twist (Android)

Zupee games can be played for free or with an entry fee, allowing an individual to win up to INR 10 lakh! Plus, they can easily withdraw their winnings via net banking or UPI, making their gaming experience smooth and rewarding.

Zupee - Challenges Faced

Zupee, while thriving in the online gaming space, has encountered several challenges that impact user experience and growth.

Fraud Detection: Zupee faced stagnant organic traffic growth, making it challenging to pinpoint the sources of their user engagement. The team noticed that multiple ad networks were distorting organic traffic numbers through click flooding and spamming, leading to confusion about the true origins of their traffic. Many ad networks exhibited rejected install rates as high as 30%. To combat this, Zupee collaborated with Adjust to detect and eliminate fraudulent activities in real time, ensuring that their datasets remained clean. They began optimizing campaigns at a sub-publisher level, which enabled them to identify the most effective channels for their marketing spend. As a result, Zupee improved and scaled user acquisition by 25% with Adjust's attribution capabilities.
Login Issues: Users have also encountered login challenges, such as delays in receiving One-Time Passwords (OTPs), entering incorrect OTPs, server downtime, or using outdated app versions. Adding a new game to the platform adds a layer of complexity to this process. Integrating a new game feels similar to plugging a USB device into a computer — it’s designed to be a plug-and-play experience. The process involves developing the game, which includes creating a game sub-APK and backend services.
Cost Control: As Zupee expanded its reach, operational costs began to rise sharply. To manage these costs, the company turned to Liftoff's Demand-Side Platform (DSP) to run programmatic campaigns for one of its games. This strategy resulted in improved installation rates while optimizing advertising expenditures.
Network Issues: Users of Zupee have reported experiencing various network-related problems, including slow loading times, connection errors, frequent disconnections, and other network-related disruptions. These issues can detract from the overall gaming experience, making it essential for Zupee to continually enhance its infrastructure.

Zupee - Funding and Investors

Zupee has raised a total of $121 million through 5 funding rounds, with the most recent round completed on January 5, 2022. The funding details of Zupee are as below:

Date of Funding	Funding Amount	Round Name	Investors
August 5, 2022	$72 million	Series B	Nepean Capital, AJ Capital Partners
August 17, 2021	$31 million	Series B	WestCap, Tomales Bay Capital
January 11, 2021	$10 million	Series A	WestCap, Z47
March 10, 2020	$8 million	Series A	Z47, Alpha Wave Global
April 10, 2019	$1 million	Seed Funding	Smile

Zupee - Growth

Backed by Matrix Partners, Zupee has seen its operating revenue soar to INR 831.51 crore in FY23, a significant increase from INR 405.10 crore in the previous year. The Gurugram-based startup also managed to slash its net loss by 72%, bringing it down to INR 36.5 crore, thanks to a slower rise in expenses compared to revenue growth. Total expenses surged by 66% to INR 900.78 crore, primarily fueled by an 85% rise in advertising and promotional costs, which reached INR 703.33 crore.

Despite facing new challenges due to a 28% GST on full-face value starting in FY24, Zupee's impressive revenue trajectory aligns with that of other online gaming companies like Gameskraft and Mobile Premier League (MPL). The recent partnership with Reliance aims to broaden Zupee’s reach in the burgeoning online gaming market, which is projected to hit $1.6 billion by 2025.

Zupee - Advertisements and Social Media Campaigns

Sadiyon Se India Ka Apna Game - Zupee Campaign

Featuring Saif Ali Khan, Sunil Grover, Mouni Roy, Vijay Raaz, and Abhay Deol, the campaign titled “Sadiyon Se India Ka Apna Game” aims to generate widespread excitement by taking viewers on a captivating journey from the Stone Age to the digital era, uniting everyone in their shared love for Ludo. With vibrant visuals and clever storytelling, it cleverly chronicles the evolution of Ludo through the ages, blending engaging narratives with humor, and ultimately showcasing its contemporary skill-based version of Zupee.
To enhance campaign performance, Zupee utilized Taboola SmartBid, an automated bidding technology that analyzes campaign and conversion data within Taboola’s network. This technology predicts the likelihood of user conversion for every impression, allowing for more efficient and effective advertising strategies.
Zupee leveraged Taboola’s 15-second motion ad format and sponsored content to effectively scale its user acquisition efforts on premium publisher sites throughout the open web. The quality of users gained through Taboola was noteworthy, characterized by high retention rates and a low incidence of fraud.

Zupee - Awards and Achievements

Zupee's 'India Ka Apna Game' campaign has garnered two prestigious accolades!

They proudly secured the Marketing Award from Business World and the PR Award from IPRCCA, further highlighting the success of their campaign.
Zupee has achieved outstanding recognition at the esteemed IMAGEXX2023 Awards by ADGULLY for their campaign, '10 minute me Game ho jaega'.

Zupee - Competitors

Their immediate competitors include:

Gameloft
MPL
Loco
HalaPlay
Roposo
Dream11
Junglee Games

Zupee - Future Plans

Zupee plans to strengthen its partnership with the government-backed Open Network for Digital Commerce (ONDC) to significantly expand the reach of its skill-based games to a wider audience. This collaboration is expected to drive accelerated customer acquisition and enhance the overall value offered to the growing user base, positioning Zupee for greater market impact and engagement.

FAQs

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