About INR 500 Cr neared in revenue by MPL, a Gaming Unicorn, Losses FY21 by 56%
- ByStartupStory | March 10, 2022
Mobile Premier League (MPL), a Bengaluru-based sports fantasy unicorn registered 21x higher sales in FY21. In the financial year ending on March 31, 2021, it has posted INR 378.5 Cr in revenue from sales.
The startup has disclosed in its standalone financials available on RoC filings that in FY20, it had generated a revenue from sales of INR 17.6 Cr. A noteworthy jump from INR 4.8 Cr in FY20 was seen in FY21, when its other income stood at INR 120.9 Cr. Dividend income, other non-operating income, among others, were also included in it. In FY21, the startup’s total income was pegged at INR 499.5 Cr, in FY20 a 2,130% or a 22X rise in its revenue was generated of about INR 22.4 Cr.
The rise in expenses almost doubled to INR 628.9 Cr in FY21 by MLP, in FY20, a 98% increase from INR 317.4 Cr was spent. In FY21, under its other expenses MLP spent about INR 506.7 Cr. Rent, information technology expenses, advertising and promotional expenses are also counted under its other expenses.
During FY21, in September of 2020 MPL further announced ESOP buyback plan from its employees worth $3.2 Mn during its Series C round of $90 Mn. In FY21, the startup managed to narrow its losses to INR 129.4 Cr, in FY20 it incurred a 56% drop from INR 294.9 Cr.
MPL was founded in 2018 by Sai Srinivas, Kiran G, and Shubh Malhotra. It is an esports and skill gaming platform, it is now launching its operations in Europe after enjoying a healthy market share in India. In order to mark its footprint in the European market, the startup acquired Berlin-headquartered GameDuell, previously this year.
Over 1,000 employees have been employed by MLP across offices in Bengaluru, Pune, New Delhi, Jakarta, Singapore and New York. At a $2.3 Bn valuation, it entered the unicorn club late last year. About $150 Mn was bagged by MLP in its Series E round led by Legatum Capital, Accrete Capital, and Gaingele LLC so as to achieve the unicorn tag.
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