MPL Records $104 Million Revenue in FY23; Reduces Losses to $37 Million

• ByStartupStory     |    December 7, 2023

Mobile Premier League (MPL), a real money gaming firm headquartered in Singapore, reported a substantial increase in revenue for FY23, reaching $104.6 million, marking a notable 63% surge from the $64 million recorded in FY22.

The company also demonstrated a significant reduction in losses, with figures dropping to $37.04 million, a noteworthy decrease from the $194.47 million reported in the previous fiscal year. MPL attributed this improvement to a strategic shift in marketing and optimization of infrastructure costs, as highlighted in its official statement.

Established in 2018, MPL specializes in developing internet-based games, primarily operating in the Indian gaming market. Achieving unicorn status in 2021, MPL secured this milestone after a successful Series E funding round, raising $150 million at a valuation of $2.3 billion.

The Indian entity of MPL showcased robust performance, registering Rs 814.2 crore in revenue from operations in FY23. This marked a substantial 35.56% increase from the Rs 600.6 crore reported in the previous fiscal year. MPL specified that Rs 521.78 crore of this revenue was attributed to operations in India, a notable rise from the Rs 424.3 crore recorded in FY22.

Earlier in the year, MPL underwent a series of layoffs in August, affecting approximately 350 employees. Co-founder Sai Srinivas cited the newly implemented GST regulations as a driving factor behind the layoffs. In an email to employees, Srinivas explained that the move was prompted by the expectation of a 350-400% increase in the company’s tax burden due to the 28% GST imposed on real-money gaming by the Indian government starting October 1, 2023.

Additionally, MPL marked a significant milestone by venturing into African markets in collaboration with Carry1st, a prominent gaming firm on the continent. This expansion marked MPL’s first foray into African territories, showcasing its commitment to exploring and diversifying its presence in the global gaming landscape.

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