Gameskraft, the gaming firm founded in 2017, has reported robust financial performance for the fiscal year ending in 2023 (FY23). The company witnessed a substantial increase in revenue from operations, reaching Rs 2,622 crore, marking a nearly 21% surge compared to the previous fiscal year’s figure of Rs 2,133 crore. Gameskraft also reported a notable profit of Rs 1,061 crore in FY23, up from Rs 930.48 crore in FY22.
Revenue generated from the sales of operations constituted the majority of the company’s revenue stream. Despite these positive financial indicators, total expenses for Gameskraft experienced a significant increase in FY23. The company’s expenditures reached Rs 1,300.72 crore, compared to Rs 892 crore in the preceding year. The employee cost-benefit scheme emerged as the most significant expense, amounting to Rs 394 crore.
In September of this year, Gameskraft announced its decision to wind down its fantasy gaming division, Gamezy, redirecting its focus towards standalone apps like RummyPrime and LudoCulture. The move aimed to streamline the company’s offerings and concentrate on more targeted and scalable ventures.
The winding down of Gamezy did not impact Gameskraft’s hiring plans or its existing workforce, according to a spokesperson from the company. Despite media reports suggesting that Gamezy owed nearly Rs 21,000 crore in Goods and Services Tax (GST) payments, the company denied this being a reason for shutting down the division. Gameskraft remains positioned for further growth and diversification in the competitive landscape of mobile gaming.
