E-sports streaming platform Turnip witnessed an over six-fold rise in its scale to Rs 3.3 crore in FY23 as compared the Rs 54 lakhs revenue it generated in FY22.
As for revenue from operations, the fiscal year ending March 2023 witnessed the entirety of the revenue coming from operations. In FY22, the company generated a little over Rs 3 lakhs from operations.
Headquartered in Bengaluru, Turnip is an online gaming community platform that helps creators build communities, where they can stream or record their games for fans, talk and text each other, run esports tournaments, and host masterclasses.
It also allows users to stream and monetize their interactive experiences on existing platforms like YouTube, Facebook, and Twitch.
The 2020 founded company has scooped up over Rs 110 crore over 3 funding rounds. It last secured about Rs 93 crore in a Series A round led by Greenoaks and Elevation Capital in December 2021.
This was the company’s second fundraised held in 2021. A couple of months prior, in August, it raised over Rs 4 crore led by Angel Deal Holdings.
The Pooja Dubey and Aditya Sharma platform’s expenditure spiked 54% to touch Rs 28.8 crore in FY23 from FY22’s Rs 18 crore.
The company’s major expense was employee benefits, costing over Rs 12 crore. While advertisement and promotions cost about Rs 8.5 crore, legal charges cost more than Rs 1.7 crore.
The gaming platform’s losses ballooned almost two fold to Rs 25.5 crore in Fy23. Its current EBITDA stands at around -759% and ROCE is at -36%. Previously, in FY22, the company’s losses were at Rs 13 crore.