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MPL to give pink slips to 60% of India employees

EntrackrEntrackr · 1m 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.

VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26

EntrackrEntrackr · 1d ago
VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26
Medial

VerSe Innovation, the parent company of Dailyhunt and short-video app Josh, reported improved financial performance for the fiscal year ending March 2025. According to the firm’s press release, operating revenue grew 88% during the fiscal year, while EBITDA burn reduced by 20%. VerSe Innovation’s operating revenue jumped to Rs 1,930 crore in FY25 from Rs 1,029 crore in FY24. Total revenue, including other income, stood at Rs 2,071 crore during the year, representing a 64% year-on-year growth. On a standalone basis, excluding acquisitions, the main firm’s revenue grew 33% to Rs 1,373 crore in FY25. VerSe reduced its EBITDA burn (excluding non-cash expenses) by 20% to Rs 738 crore in FY25 against Rs 920 crore in FY24. Its EBITDA margin improved to –38% in FY25 compared to -89% in FY24. Operating expenses also fell to 61% in FY25 from 77% in FY24. VerSe aims for EBITDA positivity and profitability at the group-level in the second half of FY26 through AI-led monetization, subscription growth, community engagement, and strategic acquisitions. The company plans to integrate acquisitions like Magzter and ValueLeaf to enhance monetization. VerSe serves over 350 million users and is backed by investors such as CPP Investments, OTPP, QIA, Carlyle, Google, and Microsoft. As India’s first unicorn in the local language content space, VerSe’s path to profitability by H2 FY26 is closely watched, with potential IPO plans in future years.

Info Edge posts Rs 722 Cr revenue in Q3 FY25; profit jumps 2.5X

EntrackrEntrackr · 7m ago
Info Edge posts Rs 722 Cr revenue in Q3 FY25; profit jumps 2.5X
Medial

Info Edge posts Rs 722 Cr revenue in Q3 FY25; profit jumps 2.5X Info Edge, the parent company of Naukri and 99acres, released its unaudited financial results for Q3 FY25. According to the company’s update sourced from the National Stock Exchange (NSE), revenue from operations grew by 15.2% to Rs 722 crore in Q3 FY25 from Rs 627 crore in Q3 FY24. The company recorded Rs 2,100 crore in revenue during the first nine months of FY25, with profits reaching Rs 632 crore. Info Edge derives the majority of its revenue—73%—from Naukri.com, which contributed Rs 527 crore in Q3 FY25, marking a 12.3% year-on-year growth compared to Q3 FY24. Meanwhile, revenue from 99 acres reached Rs 104 crore, while the Jeevansathi and Shiksha segments collectively generated Rs 91 crore during the same quarter. The company added another Rs 187 crore from interest on deposits and investments, which pushed its overall revenue to Rs 9,094 crore in Q3 FY25, compared to Rs 660 crore in Q3 FY24. Info Edge spent 62.6% of its overall expenditure on employee benefits, which increased by a modest 9.7% year-on-year to Rs 305 crore in Q3 FY25. Its advertising and internet costs stood at Rs 82 crore and 20 crore, respectively. The company’s overall cost grew 7% YoY to Rs 487 crore in Q3 FY25 from Rs 455 crore in Q3 FY24. The steady growth and surge in other income with controlled expenditure led its profits to increase by 142% to Rs 288 crore in Q3 FY25, compared to Rs 119 crore in Q3 FY24. On a unit level, it spent Rs 0.67 to earn a rupee in Q3 FY25. As of 4:40 PM, Info Edge is trading at Rs 7,910, reflecting a Rs 203.1 increase following today's results. Its total market capitalization value improved to Rs 1,02,501 crore ($12.2 billion).

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