Highlights
- M-League, MPL's parent, achieved its first net profit of $4.2 million in FY25.
- Profitability was driven by aggressive international expansion, especially in Europe.
- The turnaround was supported by strategic cost-cutting and reduced overhead.
M-League, the parent company of gaming unicorn Mobile Premier League (MPL), has achieved profitability for the first time, reporting a net profit of $4.2 million for the fiscal year ending March 31, 2025. By aggressively expanding into international markets and implementing cost-cutting measures at home, the company signaled a financial turnaround from its $44.8 million loss in the previous year.
The company's robust performance is underpinned by a surge across its key financial metrics. Its operating revenue saw a 30 % year-on-year (YoY) increase to $166.7 million in FY25, up from $127.9 million in FY24. While the Indian market grew a steady 14% to contribute $100.8 million, the main growth engine was international.
Revenue from outside India now accounts for 40% of M-League's business, with European operations, led by its German subsidiary GameDuell, skyrocketing by nearly 67% that hit $60 million.
The United States also showed significant momentum, with revenue jumping almost 78% to $5.92 million. This global diversification provided a critical buffer against domestic regulatory challenges, including India's 28% GST on real-money gaming.
This positive swing in year-over-year net earnings was not just a result of increased revenue but also of strategic financial discipline. To fuel its growth, M-League increased its advertising and marketing budget by nearly 32.8% to $70 million.
However, this was counterbalanced by tough but necessary decisions to control operational expenses. Employee compensation costs were slashed by 17.1%, a move directly linked to the painful layoff of 350 employees in August 2023 and the shuttering of ancillary projects like the Web3 platform Striker.
What's Next for the M-League?
Founded in 2018 and reaching a $2.3 billion valuation in 2021, M-League has now proven it can build a sustainable business. With profitability achieved, the company is set to double down on what works: international expansion.
By leveraging key assets like GameDuell and developing new titles through its Mayhem Studios, the company aims to solidify its position as a global gaming powerhouse. M-League's turnaround serves as a powerful case study for the Indian startup ecosystem, demonstrating that a combination of global ambition and fiscal responsibility can build a sustainable and profitable enterprise.
As the company enters FY26, the industry will be watching to see if it can build on this foundational success.
