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Peak XV-backed MPL to lay off 350 employees to "survive" after gaming tax

VCCircle

VCCircle · 2y ago

Peak XV-backed MPL to lay off 350 employees to "survive" after gaming tax

MPL (Mobile Premier League), backed by Peak XV, will lay off 350 employees in response to the impact of a gaming tax. The company is taking this step to ensure its survival amidst financial challenges stemming from the gaming tax implementation. The decision underscores the necessity for adjustments in the workforce due to regulatory changes affecting MPL's operations.

Related News

MPL India Posts A Loss Of INR 87 Cr In FY23

Inc42 · 1y ago

MPL India Posts A Loss Of INR 87 Cr In FY23

Indian gaming startup MPL (Mobile Premier League) saw its net loss decrease by over 80% in FY23, reporting a loss of INR 87.2 crore compared to INR 449.4 crore in the previous year. MPL's operating revenue increased by 36% to INR 814 crore in FY23, primarily driven by platform fees from fantasy gaming tournaments. The company also experienced a decline in advertising expenses and employee benefit expenses. MPL, a unicorn company backed by Peak XV Partners, has raised over $350 million in funding and competes with Dream11 and WinZO Games.

Mobile Premier League net loss narrows to $37 million in FY23 as revenue grows, expenses fall

Economic Times

Economic Times · 1y ago

Mobile Premier League net loss narrows to $37 million in FY23 as revenue grows, expenses fall

Mobile Premier League (MPL), an online real money gaming company based in Bengaluru, reported a significant reduction in net loss for FY23 to $37.04 million compared to $194.47 million the previous year. The company's revenue rose by 63% YoY, reaching $104.63 million, while expenses decreased. MPL exited the merchandise business, slashing costs and laying off 100 employees. Although the online gaming industry faced challenges due to the amended GST regime, MPL and other companies in the sector continued to experience growth.

Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming

VCCircle

VCCircle · 2y ago

Tiger Global, ChrysCap, Peak XV ask govt to reconsider GST on online gaming

Investment firms Tiger Global, ChrysCap, Peak XV, and ASK have requested the Indian government to reconsider the Goods and Services Tax (GST) on online gaming. They argue that the 28% GST rate on skill-based gaming platforms is excessive and should be reduced. These companies believe that a lower tax rate would encourage growth and investment in the online gaming industry.

Peak XV-backed Cuemath lays off 100 more employees amid edtech slump

Money Control

Money Control · 2y ago

Peak XV-backed Cuemath lays off 100 more employees amid edtech slump

Online math learning platform Cuemath has laid off 100 employees as it aims to cut costs amidst challenges in the edtech industry. The startup, backed by Peak XV Partners and Alpha Wave Global, faced revenue and cost disparities exacerbated by a difficult macroeconomic environment. Cuemath had previously laid off about 100 employees in May to enhance efficiency. The move reflects a broader trend of investor caution towards Indian edtech companies, with investments in the sector declining by over 80% in 2023. Cuemath's CEO, Manan Khurma, noted challenges and limited market depth in India's edtech landscape.

Fi Money shuts down some features, trims workforce to stay afloat

Livemint

Livemint · 1m ago

Fi Money shuts down some features, trims workforce to stay afloat

Fi Money, a neobanking startup, is facing financial challenges and struggling to secure capital from investors due to poor performance. In response, the company has laid off employees and shut down some features to manage costs and stay afloat. Despite being backed by major investors such as Temasek and Peak XV Partners, Fi Money is taking these measures to address severe runway issues and financial difficulties.

Grapevine: Pristyn Care sees staff exits; Namdhari’s Group to sell retail arm

VCCircle

VCCircle · 6m ago

Grapevine: Pristyn Care sees staff exits; Namdhari’s Group to sell retail arm

Pristyn Care, a health-tech unicorn backed by Peak XV Partners, has experienced significant staff turnover, with several senior executives, including SVP of Finance Prabhat Agarwal, departing. Additionally, the company has laid off many junior and mid-level employees as a cost-cutting measure. Concurrently, Namdhari's Group is planning to sell its retail arm, although specific details regarding this move remain undisclosed. These changes reflect shifting strategies within both organizations.

Former Y Combinator investor Arnav Sahu joins Peak XV

Economic Times

Economic Times · 2m ago

Former Y Combinator investor Arnav Sahu joins Peak XV

Arnav Sahu has joined Peak XV as an investment partner after four years at Y Combinator, where he was involved in growth investing. His move to Peak XV, now establishing itself in the US following a Sequoia spin-off, aligns with the venture firm's strategy to target AI investments and foster US collaborations. Sahu, with a history in leading investments and founding startups, will leverage his experience to contribute to Peak XV's growth ambitions.

Another casualty of 28% GST? MPL-backed Striker to shut operations

Inc42 · 1y ago

Another casualty of 28% GST? MPL-backed Striker to shut operations

MPL-backed fantasy gaming platform Striker is reportedly shutting down its operations due to the 28% GST levy on the online gaming sector. Founded in 2022, Striker allowed users to collect and trade digital collectibles and cards focused on cricket. The platform faced legal challenges and adverse regulations before the GST decision, which added to its troubles. No timeline for the shutdown or information on the fate of its employees has been provided. Striker is not the only platform affected by the GST, as others have temporarily shut down or implemented cost-cutting measures. In the midst of this, MPL has acquired NFT marketplace Good Game Exchange for $12.75 million.

ETtech Explainer: Why AI startup Builder. ai is filing for bankruptcy despite backing from Microsoft and QIA

Economic Times

Economic Times · 3m ago

ETtech Explainer: Why AI startup Builder. ai is filing for bankruptcy despite backing from Microsoft and QIA

Builder.ai, a UK-based AI startup backed by Microsoft and Qatar Investment Authority, is filing for bankruptcy after a lender, Viola Credit, seized $37 million of its $50 million debt, leaving only $5 million. This financial strain forced the company to lay off most employees, with remaining funds inaccessible for overseas payments. Founded in 2016, Builder.ai aimed to simplify app development. Operational challenges and financial mismanagement led to leadership changes and eventual insolvency proceedings.

Gameskraft, Nazara, MPL, AIGF and others request govt to reconsider 28% GST on real-money gaming

Money Control

Money Control · 2y ago

Gameskraft, Nazara, MPL, AIGF and others request govt to reconsider 28% GST on real-money gaming

India's leading real-money gaming startups, including Dream11, Paytm First Games, and MPL, have appealed to the government to reconsider the decision to impose a 28% Goods and Services Tax (GST) on their industry. They argue that the high tax rate would hinder their ability to operate and discourage users from participating in online gaming platforms, impacting the growth of the sector.

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