Mastering the Game: Dilsher Malhi’s Entrepreneurial Journey with Zupee

What happens when a childhood fascination with games turns into a multimillion-dollar business? Dilsher Malhi, founder and CEO of Zupee, shared his entrepreneurial journey in a thought-provoking session at Masters’ Union, offering invaluable insights into building one of India’s most successful online gaming platforms.

From organising pen-fighting tournaments as a schoolboy in Rajasthan to securing 95% of India’s casual gaming market, Malhi’s story is a testament to understanding human behaviour, mastering product-market fit, and balancing growth with profitability. 

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Dilsher Malhi’s full discussion at Masters’ Union is now available as part of our Series C session recordings. Watch the video to gain deeper insights into his entrepreneurial journey, business strategies, and expert advice on navigating India’s evolving gaming industry.

The Early Signs of an Entrepreneur

Growing up in Rajasthan, Malhi exhibited a natural inclination towards entrepreneurship from an early age. While most children played for fun, he turned play into structured competitions, organizing pen-fighting tournaments and monetizing participation. This early understanding of engagement and monetization laid the foundation for his future in gaming and entrepreneurship. His journey continued through IIT Kanpur, where he pursued engineering, further honing his problem-solving skills and analytical thinking.

The Rise of Zupee: A Gaming Giant

Today, Zupee holds a dominant position in India’s casual and board gaming sector, securing 95% of the market share and reaching a valuation of $600 million. More impressively, unlike many start-ups chasing growth at the expense of revenue, Zupee has maintained profitability. Malhi attributes this success to a deep understanding of human behaviour, crafting engaging experiences, and focusing on sustainable business practices.

Key Takeaways from the Session

1. Understanding Human Behaviour in Business

One of Malhi’s core beliefs is that successful entrepreneurs must study psychology, neuroscience, and anthropology to create products that truly resonate with users. He emphasised that gaming, in particular, taps into fundamental human motivations, offering engagement through flow states that keep users immersed.

2. Product-Market Fit is More Than Feedback

Malhi redefined the traditional understanding of product-market fit, arguing that real validation comes from observing user behaviour rather than relying solely on verbal feedback. He advised founders to measure how people interact with their products rather than what they say about them.

3. The Balancing Act: Growth vs. Profitability

In a start-up landscape often obsessed with scale, Malhi stressed the importance of financial sustainability. While many businesses burn cash to acquire users, he believes that a company’s ultimate goal should be profitability. He encouraged entrepreneurs to build scalable yet financially viable businesses from the outset.

4. Navigating the Regulatory Landscape

The gaming industry in India faces regulatory scrutiny, particularly in differentiating between skill-based and chance-based games. Malhi highlighted the importance of responsible gaming and aligning business practices with evolving regulatory frameworks to ensure long-term sustainability.

5. Gaming as a Tool for Engagement and Consciousness

Beyond financial success, Malhi has a vision for Zupee that extends beyond gaming. He believes technology should serve a higher purpose—enhancing human consciousness and engagement. His vision is to create experiences that are not only entertaining but also meaningful, positioning Zupee as more than just a gaming company.

Conclusion

Dilsher Malhi’s journey with Zupee underscores the power of understanding human behaviour, designing engaging experiences, and maintaining a strong focus on profitability. His insights serve as a valuable guide for aspiring entrepreneurs looking to build sustainable, impactful businesses. As Zupee continues to grow, it remains a testament to the fact that with the right mix of vision, strategy, and execution, one can transform an idea into an industry leader.