MPL parent company records revenue of Rs 499.4 crore in FY21
Mobile Premier League (MPL) parent Galactus Funware Technology’s total revenue increased 22-fold to Rs 499.4 crore for the year ended March 31, 2021 from Rs 22.47 crore rupees for the previous year.
According to the company’s financial data viewed by business intelligence platform Tofler, the Virat Kohli-backed esports platform’s revenue from the sale of services increased more than 21 times to Rs 378.5 crore from Rs 17.66 crore. Other income was multiplied by 25 to Rs 120.9 crore from Rs 4.8 crore.
Online gaming service revenue jumped more than 21 times to Rs 321.3 crore from Rs 14.96 crore. Similarly, support services revenue increased more than 21 times to Rs 57.19 crore from Rs 2.7 crore.
Galactus designs and develops interest-based games, including but not limited to fantasy sports, virtual games, java games, flash games, flash-based games and c/ c++/csharp.
During the year under review, the loss of the company decreased by 56% to Rs 130.05 crore from Rs 294.9 crore. Total expenditure nearly doubled to Rs 628.9 crore from Rs 317.4 crore.
Advertising promotional spend jumped 92.33% to Rs 323.7 crore from Rs 168.3 crore. Spending on employee benefits increased by 55% to Rs 117.5 crore from Rs 75.8 crore.
In February, the company raised $95 million in a Series D funding round led by Composite Capital and Moore Strategic Ventures at a valuation of $945 million.
Incorporated in 2018, Galactus Funware Technology operates an MPL online gaming platform and offers a wide variety of games. The company offers its users an immersive gaming experience and offers several categories such as fantasy sports, adventure, action and many more.
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