In a positive development and big upswing for the Indian gaming industry, Indian gaming giant Mobile Premier League (MPL) recently reported a whopping revenue collection of INR 814.20 Crores in FY23. This marks a 35.56% increase from the INR 600.6 Crores reported in the last fiscal year.
This revenue surge is primarily due to to MPL’s online gaming services, software development, and consistent support services, with online gaming services contributing significantly to INR 521.70 Crores. Most of this revenue growth came from the company’s fantasy sports segment.
The boost comes after the Indian government imposed a 28% GST on player deposits for online gaming, casinos, and horse racing. This new GST policy took effect on October 1 and is likely to impact the next fiscal results. In a testament to its adaptability and financial agility, MPL also managed to reduce its net losses by 80% in the fiscal year, lowering it to INR 87.20 Crores in FY23.
Founded in 2018 by Sai Srinivas, Kiran G, and Shubh Malhotra, MPL, headquartered in Singapore, offers a diverse gaming portfolio and achieved unicorn status in 2021 with a $2.30 Billion valuation.
The operational revenue soared by 36% from INR 601 Crores in the past fiscal year to INR 814 Crores in FY23, primarily from the fees MPL charges users participating in its fantasy sports contests. MPL’s total income, including other streams, grew by 36.4%, reaching INR 832.60 Crores in FY23.
Keep reading Online Poker News (OPN) and follow us on Facebook, Instagram and Twitter.