MPL Posts 63% Surge In Revenue For FY23; Loss Narrows Sharply
Gaming unicorn MPL has posted a 63% surge in its global revenue for FY23, led by its international forays, along with a significant reduction in loss.
The company, which is registered in Singapore as M-League Pte., posted a consolidated revenue from operations of $104.6 million (about Rs 866 crore) in FY23. That is a 63% growth from FY22.
On that revenue, it posted a loss of $37.04 million (about Rs 308 crore), down about 70% from $194.5 million (about Rs 1,625 crore) from the previous financial year. "This reduction was due to its shift in marketing strategy, focusing on return on investment and also optimisation of infrastructure costs," said a statement alongside the earnings.
Of its total revenues, 38% came from its operations in international markets. That is up from 11% in FY22, the company said.
Besides India, MPL is present in North America, Africa and Europe. In 2021, it launched in the United States and the following year, it acquired GameDuell, one of the biggest gaming companies in Europe, known for its community card and board games. This year, MPL forayed into Africa by partnering with Carry1st, a leading gaming company in the continent.
MPL was one of the first online real money gaming companies that laid off employees after the government retained a 28% Goods and Services Tax levy on online gaming revenue. It fired 350 employees, or about 50% of its workforce due to it.
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