🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

MPL to give pink slips to 60% of India employees

EntrackrEntrackr · 24d ago
MPL to give pink slips to 60% of India employees
Medial

Snippets MPL to give pink slips to 60% of India employees Gaming company Mobile Premier League (MPL) is set to give pink slips to 60% of its India workforce following the ban on online real money games (RMG). According to a Reuters report, MPL cofounder Sai Srinivas Kiran, in an internal mail, informed the staff that the startup will be downsizing its workforce in India significantly. “We are committed to providing those impacted with every possible support during this transition period. India accounted for 50% of M-League’s revenues and this change would mean that we would no longer be making any revenue from India in the near future,” Srinivas wrote in the email. As per a Moneycontrol report, MPL has around 500 to 600 employees in India. Mobile Premier League operates an online gaming platform offering categories such as fantasy sports, adventure, action, and others. The firm was also engaged in the sale of sporting merchandise, however, it ceased the vertical during the year ended March 2023 (FY23). Geographically, India remains the largest market for MPL contributing 69% to the total revenue followed by Europe, the United States of America, and Nigeria with 27.9%, 2.6%, and 0.5%, respectively in FY24. Importantly, MPL didn’t generate any revenue in Singapore during the last fiscal year which formed 3.5% of the total revenue in FY23. This comes weeks after President Droupadi Murmu gave her assent to the Promotion and Regulation of Online Gaming Bill, 2025 which bans real money gaming platforms in the country.

Gameskraft lays off 120 employees

EntrackrEntrackr · 7d ago
Gameskraft lays off 120 employees
Medial

Gameskraft, one of India’s largest real-money gaming companies, has laid off about 120 employees across teams as part of a restructuring exercise triggered by the government’s blanket ban on online money games. The layoffs come at a turbulent time for the firm, which is also reeling from a fraud scandal involving former CFO Ramesh Prabhu, who allegedly siphoned off Rs 270 crore over nearly five years. An FIR has been filed against him following the company’s complaint at Bengaluru’s Marathahalli police station. Affected employees will receive severance pay, leave encashment, and extended group health insurance until March 2026, with an option to convert policies to individual plans. Founder Prithvi Singh said the decision was forced by “external realities” and not employee performance, adding that Gameskraft would support outgoing staff during their transition. Founded in 2017, Gameskraft had been one of the fastest-growing real-money gaming firms, operating platforms like Rummyculture and Pocket52, both of which have now been shut following the new law. According to TheKredible, the company’s FY25 net profit dropped 25% to Rs 706 crore because of the 28% GST, increased taxes, and one-time accounting changes. However, the company’s revenue rose 12% to Rs 3,896 crore from Rs 3,475 crore in FY24. Gameskraft joins other gaming firms downsizing after the ban. A23 Rummy (Head Digital Works) cut 500 jobs, Zupee axed 170, MPL is shrinking up to 60% of staff, and Baazi Games has reduced headcount by 200. Games24x7 is reportedly laying off 70% of its workforce.

Download the medial app to read full posts, comements and news.