Case Studies


12 Jan 2023 India: To Decouple or Not to, That is the Question

Company Overview:

Cashgrail Private Limited owns and operates the gaming platform Zupee. Zupee is a real money gaming platform and mobile-gaming product that enables players to compete with their friends and other gamers. Zupee includes multiplayer games like Ludo, Snakes & Ladders, and Carrom among others. It also includes live quiz tournaments covering several topics that range from Bollywood, Hollywood, and sport, to math, spelling, and Hinglish.

Investment Thesis:

India's casual gaming market is ripe for growth: with mobile being the most convenient medium through which to enjoy casual gaming, smartphone and internet access contribute to the growth of this segment.
Some other factors include:

  • India has the second largest smartphone user base in the world with ~600 mn smartphone users in CY21, second only to China
  • India has the cheapest mobile data in the world
  • Young people form the ideal consumer base for casual gaming and about half of the country's population is under 25 years old; no country has more young people than India
  • Social media platforms like Facebook offer another medium through which users can access casual games. Increased social media use leads to increased adoption of casual games. Currently, India has 280 million Facebook users, making it Facebook's largest market by user base

Growth of online gamers in India: there has been strong growth in the number of online gamers in India, from 278 million in CY18 to 390 million in CY21. The number of gamers is projected to increase to 450 million by CY23.

Increasing acceptance of paid online games: the propensity for Indian consumers to pay for online games is increasing as gaming gains social acceptance. The number of first-time paying users in India increased by 50% in CY21. Furthermore, existing transaction-based gamers are spending more money on games, which will increase their purse over time. The company operates transaction-based mobile gaming products. Industry-wide, transaction-based games are projected to grow from INR 72 billion in CY21 to INR 108 billion in CY24.

Contact Us


87 Maker Chambers VI, 8th Floor,
Nariman Point, Mumbai 400 021, India



Nepean Capital has established this Site to provide information about their respective investment advisory activities. The companies listed on the Site is not an exhaustive list and is only indicative, comprising of certain representative investments. You agree and understand that this Site is for information purposes only and does not constitute investment advice nor is it a solicitation or an offer to buy any interest in any of the Nepean Capital entities. You should rely solely on your own investigations regarding any investment opportunity and should seek competent professional advice.