MPL-parent M-League's revenue increases 22% to $130 million in FY24

MPL's India revenues increased by more than 35 per cent to roughly $88 million for FY24

M-League, the parent company of gaming unicorn Mobile Premier League (MPL), reported a 22 per cent increase in total revenue to $130 million in the financial year 2024 (FY24).

The company achieved adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) break-even at $200,000, a 100 per cent improvement from the previous year, the company said.

Improvement on margins happened despite headwinds from the newly imposed 28 per cent goods and service tax (GST) on Indian online gaming firms.

MPL’s India revenues went up by more than 35 per cent to roughly $88 million for FY24.

The Gross Gaming Revenues (GGR) as well as the number of cash-paying monthly active users for MPL increased by nearly 60 per cent during the same period.

M-League credited its success to cost-cutting initiatives and enhanced operational efficiency at MPL.

“We focused on innovation, streamlined processes to reduce costs, and accelerated time to market for new games,” the company stated.

MPL, besides Dream11 and Games24x7, is one of the three gaming companies in India valued at over $1 billion. The company was founded in 2018 by Sai Srinivas Kiran and Shubham Malhotra and turned unicorn in 2021 after a funding round led by Legatum Capital, a UAE-based investment firm, at a valuation of $2.3 billion.

Going forward, M-League plans to expand its product offerings – a similar strategy to many of its competitors in the Indian market.

“In 2024-25, we will make significant strides in free-to-play gaming in India while reinforcing our leadership in skill gaming. We believe we’ve only begun to tap into M-League’s potential as a global gaming powerhouse. Our vision is to position M-League as the go-to platform for gaming worldwide, starting from India,” the company added.

The company has also benefited from growth in its other Europe-based card and board game subsidiary GameDuell, which has seen 50 per cent revenue growth since its acquisition two years ago.

“When M-League acquired GameDuell in 2022, it was primarily a web-based skill gaming company. Over the past two years, we have invested in transforming GameDuell into a cross-platform experience spanning web, and mobile, with a strong focus on Free-to-Play,” the company said.

Currently, close to 70 per cent of GameDuell’s revenue is generated from Free-to-Play (F2P) games.