Gaming platform

Online gaming platform Mobile Premier League (MPL) lays off 100 employees

Indian mobile games platform start-up e-Sports Mobile Premier League (MPL) has laid off 100 employees. The company is the latest in a growing line of startups losing employees as the economy shifts into crisis mode. Additionally, the online gaming company will exit the Indonesian market due to low growth. The company rose to prominence earlier through mobile games, daily fantasy sports, quizzes, and board games. It allows users to participate and compete in more than 60 games. Also Read – Indian Government Sets Up Seven-Member Committee to Regulate Online Gambling Industry

An internal email has been spotted that was sent by MPL co-founders Sai Srinivas and Shubh Malhotra justifying the move. In the email, executives asserted that current business metrics “do not warrant further investment in this unit.” Also Read – Need for Speed ​​Mobile Gameplay Video Leaked: Here’s What We Know So Far

MPL was founded in 2018 and hosts hundreds of millions of tournaments per month and is trusted by over 90 million registered users in India, Indonesia, Europe and the United States. Also Read – Fortnite Reveals New Scarlet Witch Skin As Doctor Strange In The Multiverse Of Madness Expands

“We have made the decision to end our operations in Indonesia and shut down the streaming product on the MPL app. We have invested significant resources and capital over the past three years in our Indonesian operations,” said the co-founders.

“However, Indonesia’s return profile is many times lower than what we were and see in India, or even in our fledgling US business,” they added. Employees who have been terminated will receive severance pay and other benefits.

“We are one of the few Internet companies that within four years of inception will exceed $100 million in annual net revenue worldwide. Based on gross revenue, we will reach $220-250 million for the ending March 2023. In fact, we have a high-growth market ahead of us, but to capture it, we must be ready to operate more efficiently today,” the co-founders said in the email. internal.

“The last few months have been crazy. The philosophy of growth at all costs is now reversed. The market now rewards profitable growth rather than growth at all costs. It is imperative that we as a company respond to these changes and respond quickly,” they noted.

Another startup Frontrow also laid off 145 employees. The EdTech company joins many other big names in its industry in making the tough decision to lay off employees. The workforce of 145 employees constitutes 30% of the company’s total workforce.

Frontrow Founder Ishaan Preet Singh said: “As we have grown our business over the past year, we have invested heavily in growth, especially as we created a new category. He added that the layoffs were made in order to “ensure that we achieve this goal over the next few decades and that we have more than 24 months of track to continue to iterate and improve our core business, we had to take some tough prioritization decisions over the past few weeks.”

The specific reasons may vary, but the layoffs come at a time of economic turmoil across the world.

With contributions from IANS