Startup Atlas · Real Money Gaming

Zupee Soonicorn

Gurugram, Haryana Founded 2018 zupee.com ↗
Dilsher Singh Malhi · Founder & CEO Siddhant Saurabh · Co-founder
$121 MnTotal funding (tracked)
5Funding rounds
5 Jan 2022Last round

Zupee: Business Model Canvas

The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.

Value Propositions

Skill, not chance

Reimagines classic Indian board games (Ludo) as skill-based formats rather than games of pure chance.

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Customer Segments

Casual real-money gamers in India

Mass-market casual mobile gamers who play skill-based games for real cash prizes.

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Jio phone users / Tier 2-3 IndiaDistributed to Jio phone users source

Customer Relationships

24x7 customer care24x7 support

Zupee runs round-the-clock customer support alongside educational resources on healthy gaming habits for its real-money players.

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Self-set deposit limits

Users can set their own deposit limits as a self-service responsible-gaming control so they don't spend beyond what they can afford.

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Transparent win/loss reporting

Zupee shows users transparent reporting of their winnings and losses to help them stay aware of their own gaming spend.

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Community conduct enforcement

The platform enforces rules against harassment, threats, or abuse between players to keep the player community respectful.

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Channels

Zupee mobile app (Android & iOS)150M+ registered users source
Reliance Jio Platforms distribution

Content delivered directly to Jio phone users to reach non-metro India.

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Key Activities

Skill-based game design & development

Zupee designs and develops short-format, skill-based reinterpretations of classic Indian board games such as Ludo, with sessions intentionally kept brief.

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Large-scale advertising & user acquisition₹468 Cr, 52% of FY23 expenditure

Marketing is Zupee's single biggest operating activity by spend — advertising and sales promotion alone accounted for just over half of total FY23 expenditure.

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Fair-play & anti-collusion monitoring

Zupee runs ongoing anti-collision monitoring systems that watch for suspicious play patterns indicating potential foul play, alongside third-party RNG certification of its games.

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Key Resources

iTech Labs RNG certification

Zupee's Random Number Generator is independently certified by iTech Labs to guarantee fair, unbiased game outcomes.

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Blockchain-backed outcome ledger

In Ludo Supreme and select formats, every dice roll and token move is logged to an unchangeable blockchain ledger that players can independently verify.

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Scalable backend infrastructure

Zupee operates a proprietary, highly scalable backend server system built to secure user data and support real-money gameplay at scale.

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Key Partnerships

Reliance Jio Platforms

Distribution partnership to deliver Zupee's games to Jio phone users.

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Revenue Streams

Paid entry-fee cash games

Free-to-play games alongside paid entry-fee games where winners take real-money prizes.

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Cost Structure

Advertising & sales promotion₹468 Cr, 52% of FY23 expenditure

Advertising and promotion is Zupee's largest single cost line, more than half of total spend, and grew far faster than revenue in FY23.

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Cashback to users₹235 Cr in FY23

Zupee pays out cashback to users as a retention/incentive cost, its second-largest identified expense line.

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Total operating expenses₹901 Cr in FY23, +65.93% YoY

Total expenditure — including employee benefits, commissions, legal/professional charges, server and IT costs, and other overheads — rose sharply in FY23.

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FAQs on Zupee

What is Zupee's business model?

Zupee's core value proposition centers on Skill, not chance.

How does Zupee make money?

Zupee's cited revenue streams include Paid entry-fee cash games.

Sources & corrections. Every fact on this page is compiled from cited public sources — follow the "source" links beside each entry. Profile sources: startuptalky.com inc42.com www.zupee.com inc42.com · Last verified 9 Sep 2026. · Report a correction