M-League, the parent of gaming unicorn Mobile Premier League (MPL), said its operating revenue jumped 22% to $127.9 Mn in the financial year 2023-24 (FY24) from $104.6 Mn in the previous year.
The company's India revenue grew by 35% to around $88 Mn despite the hit due to the imposition of 28% GST on online gaming.
M-League also claimed that it broke even with an adjusted EBITDA of $0.2 Mn as against adjusted EBITDA loss of $44.7 Mn in FY23.
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M-League, the parent of gaming unicorn Mobile Premier League (MPL), said its operating revenue jumped 22% to $127.9 Mn in the financial year 2023-24 (FY24) from $104.6 Mn in the previous year.
Including other income, total revenue rose 22% year-on-year (YoY) to $130 Mn during the year under review, the company said in a statement.
M-League said that its India revenue grew by 35% to around $88 Mn despite the hit due to the imposition of 28% GST on online gaming. The international market (outside India) accounted for 31% of the company’s total income in FY24.
Notably, M-League also claimed that it broke even with an adjusted EBITDA of $0.2 Mn as against adjusted EBITDA loss of $44.7 Mn in FY23.
M-League credited its performance to cost-cutting measures and operational efficiency, alongside a near 60% growth in gross gaming revenues and cash-paying users.
“In 2024-25, we will make significant strides in free-to-play gaming in India while reinforcing our leadership in skill gaming…” the statement added.
It is pertinent to note that MPL laid off 350 employees in August last year, soon after the GST Council decided to levy a 28% GST on real-money gaming.
Founded in 2018 by Sai Srinivas Kiran G and Shubh Malhotra, MPL offers various games ranging from skill-based fantasy sports to chess and other casual games.
The company achieved unicorn status in late 2021 after securing $150 Mn funding from Legatum Capital, Acccrete Capital and Gaingels LLC at a pre-money valuation of $2.3 Bn.
Earlier this year, its gaming arm Mayhem Studios raised an undisclosed amount of funding from gaming focused VC firm Lumikai.
M-League launched Mayhem Studios in 2022 to develop AAA mobile games i.e, high budget games.
The same year, the MPL acquired German game studio GameDuell to expand its operations across key global markets.GameDuell is one of the leading game studios in Europe, with experience in community card and board games.
M-League competes against the likes of Dream11, Games24X7, among others.
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