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

Skill-gaming platform Mobile Premier League (MPL) parent company M-League's revenue climbed 22% to $130 million in FY24.

According to a statement, MPL India's revenue surged by over 35% to $88 million in FY24. It said that its Gross Gaming Revenue (GGR) and cash-paying monthly active users have both increased by 60%.

The company also achieved breakeven with an Adjusted EBITDA of $0.2 million, marking a sharp improvement from the previous year’s negative $44.7 million.

M-League attributes this turnaround to cost-cutting measures and operational efficiency, particularly at MPL, one of its key platforms. “We focused on innovation, streamlined processes to reduce costs, and accelerated time to market for new games,” the company said in the statement.

Employee benefit expenses shrunk by 33.03% to $36.9 million in FY24 from $55.1 million in FY23. Other expenses remained stable at $92.8 million compared to $93.2 million in FY23.

M-League also highlighted the success of its European subsidiary GameDuell, which experienced 50% revenue growth since its acquisition in 2022. The company has shifted GameDuell’s focus toward Free-to-Play (F2P) games, with 70% of its revenue now coming from this model.

“Our success with GameDuell has strengthened our confidence in the Free-to-Play model. We believe that F2P represents the next big opportunity. The F2P market in India is on the same level that skill gaming was in 2018 when MPL started,” it added.

MPL 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. Investors Peak XV (then Sequoia Capital) and RTP Global are also on the company's cap table.