Indian gaming unicorn Mobile Premier League (MPL) has reported a significant revenue increase from $64.1 million to $104.6 million in FY23.
MPL's financial strategy has led to a dramatic reduction in losses. In FY23, the company's losses narrowed by over 70%, dropping to $37.04 million from a previous $194.47 million in FY22.
MPL's expansion strategy has been aggressive and well-funded. The company ventured into the United States in 2021 and acquired GameDuell, a major gaming company in Europe, in 2022.
The gaming unicorn also forayed into Africa by partnering with Carry1st. All this expansion initiative came after raising over $350 million in its funding rounds from investors, including Base Partners, SIG, Argor Capital, Accrete Capital, and Moore Strategic Ventures, among others.
In September 2021, MPL joined the unicorn startup club after raising around $150 million in a Series E funding round at a pre-money valuation of $2.3 billion. At that time, the platform had about 80 million users and was targeting 300,000 users in the US market.
Despite its growth, MPL has faced challenges, including the impact of a new 28% GST regime on the real-money gaming sector. The significant turnaround in the Indian gaming industry affected almost every gaming startup, especially those specializing in skill-based games.
Like other startups, MPL also laid off 350 employees, about 50% of its Indian workforce. This wasn't the company's first round of layoffs. Previously, in May 2022, MPL had let go of over 100 people and exited the Indonesian market, reflecting the broader slowdown in the Indian startup ecosystem.
Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL offers a diverse range of over 70 games across various categories on its Android and iOS apps. The company claims to have over 90 million registered users across its operational geographies.
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