Legal · Consumer Internet & Media

WinZO battles regulatory fallout and salary crisis

By Startup Enthusiast · 10 June 2026

What they do

WinZO is a real-money gaming platform that partners with third-party developers

Nearly 130 employees have not been paid since January amid ED investigations and frozen bank accounts

The company is trying to pivot to short-form entertainment and stockbroking but faces stiff competition

WinZO is facing multiple battles nearly a year after regulatory crackdowns crippled its real-money gaming business.
The Enforcement Directorate (ED) has frozen WinZO's bank accounts.
Close to 130 employees have not received salaries since January.
WinZO had around 220 employees in August last year, indicating significant attrition.
Several business heads have stepped down or are serving notice periods.
The ED raided WinZO's offices in November 2025 and alleged the company generated around ₹3,522 Cr through illegal or questionable operations.
The ED also alleged WinZO transferred nearly ₹255 Cr to subsidiary Zo.
Cofounders Saymya Singh Rathore and Paavan Nanda were arrested under the Prevention of Money Laundering Act; Rathore secured bail, Nanda remained in custody until February this year.

The Indian government tightened regulations around real-money gaming, hitting WinZO's core business hard.
WinZO attempted to pivot towards short-form entertainment with ZO Play and stockbroking via STTOQ Invest Tech, but these efforts have not gained traction.
Breaking into new categories like short dramas and stockbroking requires significant capital, which WinZO currently lacks.
Rivals like Dream11 and Zupee diversified into adjacent offerings to stay afloat, while WinZO struggles.

WinZO used to partner with third-party developers to host games on its mobile application.
It generated revenue through platform fees charged to users participating in real-money games.
The company attempted to build new revenue streams around ZO Play, a short-form entertainment platform.
It acquired 100-200 short-form dramas from Southeast Asian countries and integrated them into the core WinZO app under WinZO TV banner.
ZO Play initially offered access at ₹2 per day or for a few episodes, but users complained of unexpected deductions of nearly ₹499.
WinZO launched ZO Gold during Diwali last year in partnership with SafeGold, allowing users to invest in digital gold starting at ₹2, but it saw little traction and was suspended.
It incorporated STTOQ Invest Tech Private Limited in September last year to enter the stockbroking space, but no platform has been publicly launched yet.