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MPL to give pink slips to 60% of India employees

EntrackrEntrackr · 5m 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.

M League earns Rs 560 Cr from overseas in FY25, turns profitable

EntrackrEntrackr · 4m ago
M League earns Rs 560 Cr from overseas in FY25, turns profitable
Medial

M League earns Rs 560 Cr from overseas in FY25, turns profitable According to its consolidated financial statements filed with Singapore’s ACRA, M League’s revenue from operations surged to Rs 1,423 crore ($166.7 million) in FY25 from Rs 1,092 crore ($127.9 million) in FY24. M League, the parent company of Mobile Premier League (MPL), has recorded one of its strongest financial performances in FY25, clocking over 30% year-on-year growth and turning profitable at the group level. The turnaround, however, comes at a time when the company has had to shut down its real-money gaming (RMG) operations in India. Gaming remained the primary revenue driver, contributing $165.8 million, while the rest came from advertising and other operating activities. India was the largest market, accounting for around 60% of total revenue, followed by Europe and the US. Its German subsidiary, GameDuell Studios, a wholly owned unit, contributed nearly $60 million revenue in FY25. Advertising formed the largest expense, making up 42% of the total and rising 32.8% to $70 million. The company managed to trim employee benefit expenses by 20.5% to Rs 364 crore, while other operating costs, including payment gateway, server hosting, and professional fees, pushed total expenditure to $166.2 million (Rs 1,419 crore) in FY25. M League reported a net profit of $4.2 million (Rs 36.5 crore) in FY25, a sharp turnaround from a loss of $44.8 million (Rs 383 crore) in FY24. Its EBITDA margin turned positive at 2.45% during the last fiscal year. While FY25 marked a milestone year, the company’s outlook in India remains uncertain after the government’s move to outlaw real-money gaming. A company spokesperson told Entrackr that the latest results highlight the benefits of M League’s diversified strategy. “We didn’t put all our eggs into the India RMG basket. We have bought ourselves time and can act from a place of near-EBITDA breakeven at a group level while continuing to invest in growth areas such as GameDuell, Xsquads, and other ventures,” the spokesperson added. GameDuell grew 64% during FY25, while M League had already made early inroads into the US and Brazil by March 2025. International expansion is part of the company’s long-term vision to host a digital Olympics with players from across nations. M League maintained that its global portfolio gives it the flexibility to balance investment and returns. GameDuell has been profitable for years despite its rapid growth, and at the group level, M League has the ability to generate EBITDA whenever it chooses. M League refrained from sharing near-term projections, stating that it is too early to forecast annualized revenue after shutting down its India operations.

GIVA’s revenue jumps 89% to Rs 518 Cr in FY25

EntrackrEntrackr · 11d ago
GIVA’s revenue jumps 89% to Rs 518 Cr in FY25
Medial

GIVA’s revenue jumps 89% to Rs 518 Cr in FY25 Jewelry startup GIVA continued its impressive growth in FY25 as the company reported an 89% year-on-year increase in revenue after recording 66% growth in FY24. However, in its push to chase scale, the company’s losses widened by 22% during the same period. GIVA’s revenue from operations grew 89% to Rs 518 crore in FY25 from Rs 274 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). GIVA makes money from the sale of jewellery products through its digital and physical retail network. The firm initially focused on silver jewellery and now has expanded into gold and lab-grown diamond categories. The company reported a nearly even split between online and offline channels, with each contributing roughly 50% to overall revenue. During the year, GIVA crossed the 200-store milestone and is approaching 300 outlets. The company also entered an international market with the launch of its first store in Sri Lanka which reported revenue of Rs 10.7 crore in FY25. The company’s total income stood at Rs 523 crore for the period. The cost of materials, the largest expense component for GIVA, rose 97% to Rs 227 crore and accounted for 38% of the overall expenses. The higher procurement activity also pushed up inventory levels as the firm’s inventory rose 108% to Rs 100 crore in FY25. Its employee benefit expenses jumped 82% to Rs 91 crore in FY25 from Rs 50 crore in FY24. Marketing expenditure increased 55% to Rs 135 crore, while rental expenses surged 135% to Rs 47 crore amid offline expansion push. Overall, GIVA’s total expenses increased 76% to Rs 596 crore in the last fiscal year from Rs 338 crore in FY24. In order to achieve scale, the Ishendra Agarwal-led company’s loss increased by 22% to Rs 72 crore in FY25 from Rs 59 crore in FY24. Its ROCE and EBITDA margin improved to -21.52% and -10.81% respectively. On a unit basis, the company spent Rs 1.15 to earn a rupee in the fiscal year ending March 2025, an improvement from Rs 1.23 in FY24. The Bengaluru-based company recorded current assets worth Rs 291 crore, including cash and bank balances of Rs 37 crore at the end of FY25, compared to Rs 83 crore in the previous year. GIVA has raised around $122 million to date, with IQ Capital as its lead investor, including a $61.5 million Series C round led by growth-stage investor Creaegis. It’s preparing for a listing, with the founder indicating that the IPO is likely to be targeted once the business reaches an annual revenue run rate of Rs 1,800–2,000 crore, which is expected over the next two to three years.

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

EntrackrEntrackr · 4m 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.

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