The Indian gaming industry experienced a significant boost as leading gaming company Mobile Premier League (MPL) announced a remarkable increase in revenue for FY23, reaching an impressive INR 814.20 Crores. This marked a 35.56% surge from the previous fiscal year’s revenue of INR 600.6 Crores.
MPL attributed this substantial growth to its online gaming services, software development, and consistent support services, with online gaming services contributing a significant portion of the revenue, amounting to INR 521.70 Crores. The company’s fantasy sports segment played a key role in driving this revenue growth.
This positive development comes in the wake of the Indian government’s implementation of a 28% GST on player deposits for online gaming, casinos, and horse racing, effective from October 1. While this new GST policy is anticipated to impact future fiscal results, MPL demonstrated its adaptability and financial agility by reducing its net losses by 80% in FY23, lowering it to INR 87.20 Crores.
Founded in 2018 by Sai Srinivas, Kiran G, and Shubh Malhotra, MPL, headquartered in Singapore, has achieved unicorn status with a valuation of $2.30 Billion in 2021. The company’s operational revenue soared by 36%, from INR 601 Crores in the past fiscal year to INR 814 Crores in FY23, primarily driven by the fees charged to users participating in its fantasy sports contests. MPL’s total income, including other revenue streams, grew by 36.4%, reaching INR 832.60 Crores in FY23.
This remarkable upswing in revenue marks a significant milestone for MPL and the Indian gaming industry, signaling a promising future for the company and the sector as a whole. As MPL continues to expand its gaming portfolio, its strong financial performance positions it as a major player in India’s rapidly growing gaming market. As such, it will be important to monitor MPL’s progress and its impact on the Indian gaming landscape in the future.