BENGALURU: Gaming unicorn Mobile Premier League (MPL) on Wednesday said its revenue surged 63% in FY23 to reach $104.6 million from $64.1 million in FY22. The company has derived 38% of this revenue from its operations in international markets up from 11% in FY22.
Besides India, MPL is present in North America, Africa and Europe. Its losses in the same period narrowed by over 70% at $37.04 million from $194.47 million in FY22.
It said this reduction was due to its shift in marketing strategy focusing on ROI and also optimisation of infrastructure costs. Its India revenue stood at Rs 522 crore in FY23 compared to Rs 424 crore.
Founded in 2018, it launched in the US in 2021, and the following year, it acquired GameDuell, one of the biggest gaming companies in Europe. This year, MPL forayed into Africa by partnering with Carry1st, a leading gaming firm in the continent. MPL in August cut its workforce by 50% or 350 people after the government retained a 28% GST on online gaming.
In an email to employees, its founder and CEO Sai Srinivas had said new rules would raise its tax burden by 350-400%. He added, “In a short span of four years, we have achieved a lot. MPL India was on track to continue the amazing business performance we have since December when we turned EBITDA positive. In fact, we recorded our best ever month in terms of business performance in June and we beat that in July.”