MPL's parent company records Rs 499.4 crore revenue in FY21

During the year under review, the company's loss has narrowed 56% to Rs 130.05 crore against Rs 294.9 crore Mobile Premier League's (MPL) parent company Galactus Funware Technology's total revenue has zoomed 22 times to Rs 499.4 crore for the fiscal ended 31st March 2021

by Team PITCH
Published - April 07, 2022
2 minute To Read
MPL's parent company records Rs 499.4 crore revenue in FY21

During the year under review, the company's loss has narrowed 56% to Rs 130.05 crore against Rs 294.9 crore Mobile Premier League's (MPL) parent company Galactus Funware Technology's total revenue has zoomed 22 times to Rs 499.4 crore for the fiscal ended 31st March 2021, compared to Rs 22.47 crore in the previous fiscal. According to the company's financial data accessed by business intelligence platform Tofler, the Virat Kohli-backed esports platform's revenue from the sale of services rose over 21 times to Rs 378.5 crore as against Rs 17.66 crore. Other income was up 25 times at Rs 120.9 crore as against Rs 4.8 crore.   Revenue from online gaming services jumped over 21 times to Rs 321.3 crore from Rs 14.96 crore. Likewise, income from support services increased over 21 times to Rs 57.19 crore from Rs 2.7 crore.   Galactus is in the business of designing and developing interest-based games including but not limited to fantasy sports, virtual games, java games, flash games, flash-based games, and c/c++/c sharp games. During the year under review, the company's loss has narrowed 56% to Rs 130.05 crore against Rs 294.9 crore. Total expenses almost doubled to Rs 628.9 crore from Rs 317.4 crore. Advertising promotional expenses surged 92.33% to Rs 323.7 crore from Rs 168.3 crore. Employee benefits expenses expanded by 55% to Rs 117.5 crore from Rs 75.8 crore. In February, the company had raised $95 million in a Series D round led by Composite Capital and Moore Strategic Ventures at a valuation of $945 million. Incorporated in 2018, Galactus Funware Technology operates an online gaming platform MPL, and offers a wide variety of games. The company provides its users an immersive gaming experience and has multiple categories such as fantasy sports, adventure, action, and many more.

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