Founded by Sachin Gupta and Ashish Garg in 2019, Probo is an event trading platform that allows users to trade their opinions on future events in various categories, such as cricket, football, finance, entertainment, and startups, among others. The primary revenue source for Probo was platform fees collected from users for contest participation, accounting for 97.8% of the total collection. This income grew 5.4X to Rs 449 crore during the last fiscal year. Income from allied services and other sources, including interest income from current investments, brought Probo’s total income to Rs 474 crore during the last fiscal year. Over the last three fiscal years, Probo, an event-based trading platform, has experienced remarkable growth. Revenue increased from Rs 2.6 crore in FY22 to Rs 86 crore in FY23 and then surpassed Rs 450 crore in FY24, representing a 5.3X year-over-year increase.
Notably, the net earnings of the company sponsored by Peak XV increased 25 times year over year to about Rs 100 crore in FY24. Based on consolidated yearly financial statements obtained from the Registrar of Companies (RoC), Probo's operating revenue increased from Rs 86 crore in FY23 to Rs 459 crore in FY24. With a strong presence of YouTube influencers, advertising and promotion accounted for 77% of Probo’s total expenses, soaring 5.2X to Rs 271 crore in FY24 from Rs 52 crore in FY23. Meanwhile, employee benefit expenses grew by 27% to Rs 28 crore in FY24.Information technology, platform integration, legal, traveling, and other overheads took the overall cost up by 3.5X to Rs 351 crore in FY24. The combination of strong revenue growth and controlled costs enabled Probo’s net profit to surge 25X, to Rs 92 crore in FY24, up from Rs 3.7 crore in FY23. The Peak XV-backed firm spent Re 0.76 to earn a rupee during the fiscal year ending March 2024. Probo’s return on capital employed (ROCE) rose to 42.6%, while its EBITDA margin improved to 26.1%. By the end of FY24, the company's total current assets stood at Rs 274 crore, with cash and bank balances amounting to Rs 169 crore. Probo has raised around $28 million across several rounds.