Turnip reported a marginal revenue increase of 1.82% in FY24, reaching Rs 3.36 crore compared to Rs 3.30 crore in FY23. Notably, 100% of its revenue was derived from other income, with no contribution from its core operations.
Founded in 2020 and headquartered in Bengaluru, Turnip is building the “Livestreaming and Esports Platform for Mobile Gamers”, aiming to redefine community experiences in the gaming industry. Turnip enables gamers and content creators to build interactive communities with features like audio-video chats, esports hosting, and masterclasses, catering to over 5 million users globally across India, SEA, LATAM, MENA, the US, and Europe.
The company has raised a total of Rs 110.51 crore across three funding rounds, with its latest round in December 2021. Its shareholders include Pooja Dubey (26.39%), Aditya Sharma (21.60%), and Acorn Heavy Industries (9.64%) and ESOP (8.99%).
Turnip’s expenses declined by 5.63% to Rs 27.19 crore in FY24 from Rs 28.81 crore in FY23. Employee benefit costs rose significantly, accounting for 70.39% of the total expenses in FY24, compared to 42.10% in FY23. Advertising costs dropped from 29.49% in FY23 to 2.89% in FY24, while depreciation expenses remained consistent at below 1% of the total.
Despite reduced expenses, the company’s losses widened by 14%, from Rs 25.47 crore in FY23 to Rs 29.05 crore in FY24. Consequently, EBITDA margins improved to -700.38% in FY24 from -759.63% in FY23, while ROCE declined from -36.24% to -46.51%.