M-League, the parent company of Mobile Premier League (MPL), achieved notable financial milestones in the fiscal year ending March 2024, overcoming regulatory challenges. The Bengaluru-based company reported double-digit growth and crossed the Rs 1,000 crore revenue mark for the first time.
During FY24, MPL’s operational revenue increased by 22.2% to reach Rs 1,068 crore ($127.9 million), up from Rs 873.7 crore ($104.63 million) in FY23, according to M-League Ltd’s filings in Singapore. MPL operates an online gaming platform, featuring categories like fantasy sports, adventure, and action. The company also discontinued its sports merchandise line in FY23 to focus on core activities.
The online gaming segment accounted for 99% of MPL’s revenue, with the remaining income derived from ads and other operational activities. Including non-operational income, the company’s total revenue rose to Rs 1,085.17 crore ($130 million) in FY24. MPL’s subsidiaries span across India, Indonesia, Germany, Singapore, and the U.S., all of which are fully owned by M-League Ltd.
India remained MPL’s largest market, contributing 69% of total revenue, followed by Europe (27.9%), the U.S. (2.6%), and Nigeria (0.5%). Interestingly, MPL generated no revenue in Singapore in FY24, a change from FY23 when the country represented 3.5% of total revenue. Revenue in India grew by 35.2% to Rs 737.1 crore, while Europe saw an 11.8% increase to Rs 298.10 crore. U.S. revenue decreased by 11.7% to Rs 27.81 crore, whereas Nigeria contributed Rs 5 crore after generating no revenue the previous year.
Advertising and promotions represented the highest cost at 31.8% of expenses, rising to Rs 442.97 crore in FY24. Following a layoff of 350 employees in August 2023, employee expenses fell by 28% to Rs 429.53 crore, including Rs 121.4 crore in ESOP costs. Additional expenses, such as hosting, IT support, payment gateways, and licensing fees, also contributed to the year’s total expenditure, which grew 2% to Rs 1,393.2 crore.
Despite cost control efforts, MPL’s losses rose by 21.2% to Rs 374.9 crore ($44.9 million), mainly due to a fair value loss on financial instruments amounting to Rs 92.93 crore. Excluding this, adjusted losses were Rs 282 crore.
MPL’s operational efficiency also improved, with operating cash flows turning positive at Rs 157 crore compared to Rs -531.8 crore in FY23. Its EBITDA margin and ROCE were reported at -21.39% and -32.88%, respectively, with MPL spending Rs 1.3 to generate every rupee of operating revenue in FY24.
Amid evolving GST and legal frameworks, MPL discontinued its Web3 fantasy platform, Striker, in December.
To date, MPL has secured $395 million in funding from investors like Peak XV Partners, SIG Global, GV Games, RTP Global, Moore, and Beenext, achieving a valuation of approximately $2.3 billion following its Series E round in September 2021.
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