Here’s a comprehensive article on Zupee — what it is, how it started, its recent developments, challenges, and where it might go next.
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What is Zupee
Zupee is an Indian online gaming platform, founded in 2018 by Dilsher Singh Malhi and Siddhant Saurabh under Cashgrail Private Limited. Also Download Happy Teen Patti
It specialises in skill-based games. Its initial focus was on reinventing traditional board games like Ludo in digital form — making them faster, more interactive, and skill-oriented, rather than purely chance-based.
The platform allows free play and (until recent regulatory changes) real-money games. It has several versions of Ludo (Ludo Supreme, Ludo Turbo, etc.), also Snakes & Ladders, Trump Cards Mania, etc.
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Growth & Scale
As of mid-2025, Zupee claims 150 million+ registered users.
It also reports billions of gameplays (over 12.5 billion total gameplays) and many millions of daily games played.
It attracted significant investment: in 2022, a Series B funding round of about USD $72 million, leading to a valuation around ₹4,900 crore.
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Business Model & Features
Skill-based competition: Instead of depending largely on luck, many games are structured so that players’ decisions, speed, and strategy matter.
Free-to-play and real-money variants: Traditionally, Zupee had both free games and games where users could stake money and possibly win cash.
Popular formats: Several versions of Ludo, Snakes & Ladders, Trump Card Mania etc. A variety of game speed and formats (fast games, move-based scoring etc.) appeal to users looking for short bursts of competition.
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Regulatory Changes & Impact
One of the biggest recent developments has been regulatory changes in India:
In August 2025, India passed the Promotion and Regulation of Online Gaming Bill, 2025, which among other things bans online games involving monetary stakes.
Zupee has responded by discontinuing its real-money / paid game formats and continuing with free-to-play versions of its popular titles (like Ludo Supreme, Ludo Turbo, Snakes & Ladders, Trump Card Mania).
Because of the regulatory shift, the company also made workforce adjustments: laid off about 30% of its staff (≈170 employees) as part of adapting to the new legal framework.
Zupee is also pivoting toward new verticals — free games, eSports, social gaming, and even content via short videos (Zupee Studio) to compensate for the real-money segment being outlawed.
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Financial & Performance Metrics
In FY24, Zupee crossed ₹1,000 crore (≈ ₹1,123 crore as per some reports) in revenue and also reported profitability.
The company reportedly ranked among the top competitors in India’s online skill gaming / real-money gaming segment before the law change.
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Strengths, Challenges & Criticisms
Strengths:
Strong user base: Large scale of registered users gives leverage in the market.
Cultural resonance: Using games that are already popular (Ludo, Snakes & Ladders etc.) helps reach people familiar with them; simpler games are more accessible.
Speed and variety: Different game formats, fast matches etc. appeal to users who want quick games.
Challenges & Criticisms:
Legal risk / uncertainty: With changing laws (as seen in 2025), the model of real-money gaming is now largely banned in India; that forces Zupee to transform or risk non-compliance.
Trust & fairness concerns: As with many platforms with monetary rewards, there are concerns among users about whether games are truly fair, whether opponents are bots, whether withdrawals happen smoothly etc. (Though not always well documented in trustworthy media; more in user forums & reviews.)
Business model disruption: Revenue from stakes, entry-fees etc. is no longer viable under the new law. So Zupee needs alternate monetization (ads, freemium, content, eSports). That can take time to build.
Operational costs & layoffs: The shift has led to layoffs, which raises questions about sustainability and how to preserve talent.
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What’s Next / Outlook
Here are likely paths / possibilities for Zupee going forward:
1. Pivot more strongly to free games / social gaming
Since real-money gaming is banned, Zupee will likely expand in games that are purely entertainment without monetary stakes. These can be monetized via ads, sponsorships, in-app purchases (non-wagered), etc.
2. eSports & competitive skill gaming
There are signals that Zupee is entering or increasing focus on eSports, including turning traditional games (Ludo, Carrom, Chess) into competitive formats.
3. Short-form video/content
As per recent launches, Zupee is building a content platform (Zupee Studio) with short audio-visual episodes, which could diversify revenue sources.
4. Regulatory compliance & trust building
To survive in the post-law environment, it’s critical for Zupee to ensure transparency, fair play, user protection. With stricter laws, this becomes not just a feature but a necessity.
5. Monetization innovation
Finding non-gambling ways to monetize — advertising, sponsorship, maybe virtual goods, freemium upgrades etc. — will be essential, since reward–based wagering revenue is no longer permitted.
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Conclusion
Zupee grew fast by tapping into familiarity (board games), leveraging skill-based formats, and offering users a chance to compete (and earlier, win money). It built scale, got funding, and became one of the major players in India’s gaming scene.
However, the passage of the Online Gaming Bill, 2025 brings a large shift in the rules of the game (literally). With real-money formats banned, platforms like Zupee must transform — adapt business models, reduce costs, explore new verticals. Those who do this well may survive and even prosper; those who can’t may struggle.
For users, free-to-play gaming remains, and popular titles are likely to continue (in non-paid form). But the chances to earn money via such platforms seem to be shrinking under the new law, at least legally.
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If you like, I can also draft a shorter “Zupee explainer” version or compare Zupee vs WinZO or MPL under the new regulations. Do you want me to do that?
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