M-League, the parent company of Bengaluru-based gaming platform Mobile Premier League (MPL) and European card and board game studio GameDuell, reported a 30 percent year-on-year (YoY) increase in operating revenue to $166.7 million for the financial year 2025 (FY25), up from $127.9 million in FY24.
The company's total revenue rose 30.5 percent to $169.6 million in FY25, from $130 million in FY24, according to financial statements accessed by Moneycontrol.
The firm also posted a net profit of $4.2 million for FY25, as compared to a net loss of $44.9 million in FY24, marking its first year of profitability at the group level. The turnaround was driven primarily by revenue growth and ongoing cost-optimisation efforts, despite headwinds from the 28 percent Goods and Services Tax (GST) regime in its India operations.
It's worth noting that these figures are from before M-League suspended contests and games involving money on its MPL platform in India, following the government's blanket ban on real-money games (RMG).
India vs International markets
India accounted for about 60 percent of the company's revenues, which grew by 14 percent to $100.8 million in FY25 from $88 million in FY24.
Europe is the second biggest market for M-League, representing 35.7 percent of the firm's revenue, benefiting from GameDuell's strong financial performance. Revenue from the continent grew by 66.9 percent to $60 million in FY25, from $35.7 million in FY24.
Revenue from the United States rose by 77.9 percent to $5.92 million in FY25 from $3.3 million in FY24. It represented 3.55 percent of M-League's overall FY25 revenues.
M-League's revenue from other markets including Africa's Nigeria declined to 0.45 million in FY25 from 0.6 million in FY24.
Gaming makes up for nearly 99 percent of the firm's revenues, while the rest came from advertising and other operating activities.
Where did MPL spend money in FY25?
MPL, which counts Peak XV (previously Sequoia India) and RTP Global among its investors, invested heavily in advertising and marketing initiatives in FY25 in a bid to boost its product visibility and brand awareness. The company spent $70.5 million on advertising, promotion, and marketing initiatives in FY25, a 32.8 percent jump from $53.1 million in FY24.
Employee compensation costs fell 17.1 percent to $42.65 million in FY25 from $51.4 million in FY24, as the company reduced its workforce through job cuts. MPL laid off 350 employees in August 2023, shut down the web3 fantasy platform Striker in December 2023 and consolidated its web3 investment, Good Game Exchange (GGX), within the company.
In August, Moneycontrol reported that MPL is significantly downsizing its India team after the government's RMG ban. Sources said MPL could lay off around 60 to 80 percent of its India workforce, which was roughly at around 500 to 600 employees.
M-League's payment gateway costs rose 69.4 percent to $20.1 million in FY25, from $11.9 million in FY25. The company's total expenses was at $166.2 million in FY25, as compared to $166.8 million FY24. Entrackr first reported about M-League's financial performance in FY25. Moneycontrol has reached out to M-League for a comment and will update once we hear back.
MPL in a nutshell
Started in 2018 by Sai Srinivas and Shubh Malhotra, MPL offers more than 60 free-to-play games across categories such as board games, card games, puzzle, and casual games on its Android and iOS apps. The firm claims to have more than 90 million registered users across Asia, Europe, and North America.
MPL (now M-League) was last valued at $2.3 billion after raising $150 million in September 2021, which also marked its entry into the unicorn club. The company acquired GameDuell in 2022 and also incubated a mobile gaming studio Mayhem Studios.
Mayhem Studios subsequently raised about $20 million from investors such as Peak XV Partners, Steadview Capital, Truecaller and Hashed Emergent in 2023. It also bagged funding from Lumikai, a gaming and interactive media-focused venture fund, in July 2024.
Last month, real-money gaming firm Gameskraft reported a 13.9 percent increase in its revenues, rising to Rs 4,009 crore in FY25 from Rs 3,521 crore in FY24. The company's net profit dropped to Rs 706 crore in FY25, from Rs 947 crore in FY24. Gameskraft attributed the decline in profit primarily to the full-year impact of the 28 percent GST regime.
Moneycontrol also reported last month that the company is embroiled in a fraud scandal involving its former CFO, Ramesh Prabhu, who has allegedly siphoned off Rs 270.43 crore over nearly five years. An FIR has been filed against Prabhu at Bengaluru's Marathahalli police station following Gameskraft's complaint.
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