Gameberry ends FY23 with Rs 314 Cr revenue and Rs 37 Cr profit


While bootstrapped gaming publisher Gameberry managed over 4X growth in its scale in FY21, its collections merely grew 13% during the last two fiscal years (FY22 and FY23). Significantly, the company’s profit shrank 65% as its employee benefit and advertising costs spiked heavily.

Gameberry’s revenue from operations grew 21.2% to Rs 314 crore in the fiscal year ending March 2023 as compared to Rs 259 crore in FY22, as per its consolidated financial statement with the Registrar of Companies.

Financials FY23


Operating Revenue

Total Expenses


Amount in ₹ Cr

Gameberry hosts three games: Ludo Star, Ludo Titan, and Parchisi Star. Like most mobile game publishers, Gameberry primarily made money from in-app sales which surged 29% during the fiscal while the remaining income came from advertising which remained flat in FY23.

The Bengaluru-based firm also made Rs 14.8 crore via interest and gains on financial assets (non-operating). At the end, Gamesberry’s total revenue stood at Rs 329 crore during the last fiscal year (FY23). Importantly, the company generated 99.8% of its operating revenue from outside India.

As per data intelligence platform Thekredible, Gameberry’s employee benefits cost shot up 4.5X to Rs 102.7 crore during the fiscal year from Rs 22.7 crore in FY22. The rise in employee cost majorly consisted of employee share based payment of Rs 53.7 crore in FY23 which was nil in FY22.

Expenses Breakdown

Total ₹ 142 Cr
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Total ₹ 278 Cr
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Platform hosting and payment facilitation charges for the company surged 42% to Rs 71.5 crore during the fiscal while advertising & promotion cost also went up. Overall, the company’s total expenditure soared 95.8% to Rs 278 crore in FY23 as compared to Rs 142 crore in FY22.

Complete expense details can be found at TheKredible.

Followed by the rising expenses, the company’s profits shrank 60% to Rs 37.2 crore in FY22 against Rs 93.4 crore in the previous year. In FY21, the company’s profits were over Rs 100 crore. The cash burn also impacted operating cash inflows which fell down 5.8% to Rs 68.8 crore during FY23.


FY22 FY23
EBITDA Margin 47.15% 15.71%
Expense/₹ of Op Revenue ₹0.55 ₹0.89
ROCE 44.59% 17.80%

Its EBITDA margin weakened to 15.71% which can be ascribed to the surge in employee and advertising cum promotional expenses. On a unit level, Gameberry spent Re 0.89 to earn a rupee during FY23.

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