Mobile Premier League (MPL)’s net loss for 2020-21 (FY21) narrowed sharply as the company reported strong growth in revenue for the year. The online gaming and esports platform, operated by Galactus Funware Technology Pvt Ltd, reported a net loss of Rs 130 crore for FY21, against a net loss of Rs 295 crore for 2019-20, the company’s filings with the Ministry of Corporate Affairs show.
During the year, the company’s revenue jumped multi-fold to Rs 499 crore from Rs 22.5 crore a year earlier. The company’s revenue from operations, which includes income from the sale of gaming services, rose sharply to Rs 378.6 crore, from Rs 17 crore in FY20.
However, the company reported a sharp rise in its total expenses to Rs 628 crore for FY21, from Rs 317 crore a year earlier, owing to a surge in the company’s advertising, marketing and business promotion expenses, which nearly doubled in FY21 to Rs 323 crore from Rs 168 crore a year earlier.
The Bengaluru-based MPL was founded by Sai Srinivas and Shubh Malhotra in 2018. The company provides its users an immersive gaming experience and has multiple categories such as fantasy sports, adventure, action, among others.
In September, MPL raised Series E funding at a pre-money valuation of $2.3 billion (Rs 16,935 crore), catapulting the esports and gaming platform into the unicorn club of startups that boast a valuation of at least $1 billion.
MPL has not only attracted huge investments but has also delivered bumper returns to early investors.
Last year, the gaming platform acquired the Delhi-based GamingMonk and launched Esports Arena as it looks to widen its esports portfolio. In 2019, cricketer Virat Kohli invested in the online gaming startup and later became the company’s brand ambassador.
