- In FY23, MPL India, the Indian entity of gaming unicorn MPL, witnessed a substantial increase in operating revenue, surging by 36% to reach INR 814 crore, up from INR 601 crore in the previous fiscal year.
- The startup managed to reduce its total expenditure by 13%, amounting to INR 919.8 crore. This cost-cutting was led by a significant 42% decline in advertising expenses, which totaled INR 305 crore.
- Earlier in the year, MPL made the decision to lay off 350 employees. This move was in response to the GST Council’s decision to impose a 28% Goods and Services Tax (GST) on the full face value for online gaming companies.
- Despite increased business activity, MPL managed to significantly narrow its losses, achieving an over 80% reduction. In FY23, the startup reported a net loss of INR 87.2 crore, compared to a loss of INR 449.4 crore in the previous fiscal year.
- MPL, founded in 2018 by Sai Srinivas Kiran G and Shubh Malhotra, offers a diverse range of games, including skill-based fantasy sports, chess, and casual games, and is backed by Peak XV Partners.