WinZO Games FY22 net loss widens 135%
WinZO's revenue rose 131% to Rs 243 crore in financial year 2021-22, but higher expenses particularly towards employee benefits and sales eroded the gains.
New Delhi-based online gaming platformGames' net loss for the financial year 2021-22 ballooned 135% due to increased cost of sales and employee benefits expenses.
WinZO Games reported a net loss of Rs 120.59 crore for FY22, as compared to a loss of Rs 51.36 crore in the previous financial year, filings with the Ministry of Corporate Affairs reveal.
The company has attributed this widening of net loss to increased expenses towards employee benefits and sales. WinZO saw its employee benefits expenses rise 120% in FY22, while the cost of sales increased 11%.
Revenue improved 131% to Rs 242.70 crore.
Launched in early 2018, WinZO Games partners with third-party game studios to host their games on its Android app. It is a paid platform where users also receive payments for winning.
The startup has raised capital from the likes of Kaalari Capital, Courtside Ventures and Makers Fund.
Last year, WinZO Games filed a case against Google after the search engine giant issued a warning to users downloading the app via its Play Store. Earlier this month, the Delhi High Court dismissed the gaming platform's plea, ruling that the warning by Google was just a disclaimer in nature.
Also in 2022, WinZO Games had filed a lawsuit in Delhi High Court against eSports and mobile gaming platform Mobile Premier League citing copyright and trademark infringement of its proprietary game format called ‘World War.’ WinZO has sought an injunction against MPL.
Edited by Affirunisa Kankudti