Real-money gaming unicorn company Mobile Premier League’s revenue soared 63 per cent to reach $104.6 million in FY23, from $64.1 million in FY22.
The company derived 38 per cent of this revenue from its operations in international markets, up from 11 per cent in FY22. Besides India, MPL is present in North America, Africa and Europe.
The Bengaluru-based online real money gaming company saw its net loss during the fiscal ended March 31 reduce sharply to $37.04 million, from $194.47 million a year ago, according to sources.
During FY23, the company’s other expenses went down to $95.67 million from $149.06 million in FY22. The company reduced its losses by shift in marketing strategy and optimisation of infrastructure costs.
Several online gaming companies have noted that GST move has impacted the bottomline of operators in the segment, with most companies almost fully absorbing the impact of the tax payout in order to prevent user churn.
In August, MPL laid off 350 people soon after GST on online real money gaming was increased to 28 per cent on full face value, compared to 18 per cent on platform fees that the companies in this space were levying earlier.
MPL had laid off 100 people in May 2022, in addition to exiting the Indonesian market, amid a slowdown in the larger technology ecosystem.
Categories of games
Founded in 2018 by Srinivas and Shubam Malhotra, MPL offers around 70 games across categories such as fantasy sports, card games, board games, esports, and casual games on its Android and iOS apps. It claims to have over 90 million users across India, and other overseas geographies such as Europe and the US.
So far, MPL has raised $396 million in funding and commanded a valuation of $2.19 billion, according to information sourced from Tracxn.