Introduction
Mobile Premier League is a gaming and e-sports platform that was founded in 2018. It aims to unlock the potential of mobile gaming by bridging the gap between online gamers and gamers who attend live gaming events. Based in Bengaluru, the company has been helping players compete in online games and win real cash rewards. In no time, MPL has established itself as a giant in the Indian gaming industry and has been appreciated by customers for its phenomenal gaming experience. However, recently, Mobile Premier League made headlines for less desired reasons – layoffs.
History & Funding:
MPL was founded by Sai Srinivas Kiran G, who was formerly Vice President of Operations at a logistics firm, and Shubham Malhotra, who served as a senior executive at a US-based start-up. Two years after its launch, the company raised $35.5 million in Series A funding, led by Sequoia Capital with participation from Go-Ventures. In September 2020, MPL raised $90 million in Series C funding, led by SIG Global and RTP Global. The company’s total funding raised to date stands at $375 million.
Performance:
MPL claimed to have 80 million registered users and about 3 million daily active users earlier this year. The platform also hosted over 70 games, including chess, rummy, and pool, available in various Indian languages. MPL was not confined to India and also had a presence in Indonesia, adding to its market share. However, things took an unexpected turn, and the company announced layoffs.
Reason for Layoffs:
In May 2022, news broke out that MPL would lay off 100 employees as the company planned to exit the Indonesian market. According to an official statement, the move was intended to “consolidate the business’ operations and optimize its resources.” The pandemic-induced global economic slowdown had hit the economy hard, causing significant revenue losses for many companies, including MPL.
Number of Employees Laid Off:
According to sources, out of the 100 employees laid off, 60 were from the Indonesia team, and the remaining 40 were from India. The move took everyone by surprise, especially after the company’s healthy financial performance in the past and its recent fundraising.
Statement from Company Stakeholders:
When asked about the layoff, MPL’s co-founder and CEO, Sai Srinivas Kiran, stated, “We are committed to our long-term vision of making mobile gaming accessible to everyone. However, we need to execute with agility to stay ahead in the game and ensure a sustainable future for the business.” He further emphasized that MPL would continue to focus on its core Indian market and drive growth in other global markets.
Conclusion
In conclusion, the layoffs at MPL reflect the volatility of the Indian startup ecosystem and the importance of continuous evolution and optimization. Although the news is unfortunate, MPL’s strategy to consolidate its operations is aimed at ensuring the company’s sustainability in the future. It is essential to create a fine balance between growth, performance, and resource optimization in the startup world. The move will enable MPL to concentrate on the Indian market and establish a stronghold in other markets while spreading its wings across the world of mobile gaming. Despite a challenging period, MPL’s vision and mission of democratizing mobile gaming remain steadfast and unwavering.
