MUMBAI: India’s online gaming world is having its “game on” moment and riding the leaderboard is Zupee, a platform that’s swapped chance for skill, raked in 150 million signups, clocked a jaw-dropping 12.5 billion gameplays, and finished financial year 2024 with a neat Rs 146 crore net profit. For an industry notorious for burning money faster than a turbo-charged console, Zupee’s win is as rare as a perfect game.
Pull back the curtain and you’ll meet Govind Mittal, Zupee’s chief spokesperson, who’s put his chips on integrity from day one. “Compliance isn’t an afterthought for us,” he told Indiantelevision.com’s Rohin Ramesh via email. “It’s built into the very foundation of how we operate.”
No sleight of hand here, just rigour honed across boardrooms at ITC, Rivigo, Joyy and more, plus a Chartered Accountant’s sharp eye (Mittal bagged an all-India rank of 16, first attempt, just saying). He has a record of spinning up companies like YY India, rocketing revenues from $1 million to $200 million ARR.
Backed by heavyweight investors like WestCap, Matrix Partners, and Nepean Capital, Zupee boasts a $600 million valuation and is not just surviving but thriving with profitability in its corner. With momentum on its side, Zupee is setting its sights on joining the top tier of India’s online gaming platforms, giving its rivals a serious run for their money.
But don’t mistake the platform for a digital wild west. Instead, think of Swiss bank user trust being guarded more jealous than Fabergé eggs (A jewelled egg first created by the jewellery firm ‘House of Fabergé’). Every Zupee game is skill-based, luck is for lotteries.
RNG (random number generators) are reviewed by global auditors; the firm boasts a third-party stamp from Arthur D. Little, and bots are banished. “We work closely with payment gateways to keep track of UPI IDs which have been used for fraud in the past and block payments through such IDs to ensure financial integrity of the platform,” says Mittal.
Mittal has turned responsible gaming from a regulatory box-tick into the heart and soul of Zupee’s digital playground. KYC, age-gating, daily deposit limits, self-exclusion tools and trained support are stitched into the code. Session limits and refunds are all crystal clear. “Everything from our terms and conditions to our advertising practices is designed to be transparent and user-first. Fairness isn’t just a promise – it’s something we’ve institutionalised,” he comments.
When risky behaviour emerges (say, a player’s wallet suddenly goes on a sugar rush), the system nudges, prompts, and if necessary, hits pause. “From day one we’ve built our platform with safeguards like spend limits, session reminders and self-exclusion tools that help users stay in control of their gameplay. Zupee offers users the ability to self-regulate through deposit limits and game locks and we actively monitor gameplay patterns to flag and assist users showing signs of excessive behavior,” he boasts.
In an industry where “collaboration” is usually code for “let’s not tell the regulator”, Zupee takes the opposite tack. The company is a card-carrying member of the All India Gaming Federation, actively sharing its rulebook, lobbying for a central regulatory framework, and even blowing the whistle on shady offshore operators trying to sneak in through the back door.
“We regularly engage with policy stakeholders to provide ground-level insights on gameplay behavior, tech innovation and user safety, helping ensure that emerging regulations are both practical and forward-looking,” he grins.
Mittal bristles at the idea that revenue growth and safeguarding users are at odds. Says he, “Zupee offers users the ability to self-regulate through deposit limits and game locks and we actively monitor gameplay patterns to flag and assist users showing signs of excessive behavior. In-app nudges, direct outreach from trained counselors and temporary restrictions are applied where necessary. Our systems are designed to ensure that gaming remains a form of entertainment.”
India’s gaming laws are a spaghetti of state-level tweaks. For industry players, it’s like playing snakes and ladders, mostly snakes. He concludes by saying, “A unified regulation is absolutely necessary for the orderly growth of this industry. Gaming has been a disruptive sector in more than one way and has the potential to engender technological innovation far beyond our imagination.”
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