As Indian startups prepare to face the funding winter, the esports and skill gaming platform MPL is believed to be the latest to join a slew of startups looking to lay off employees to reduce cash burn. MPL is slated to lay off 100 of its employees (about 10 per cent of its workforce).
“The last few months have been insane. The philosophy of growth at all costs is now reversed. The market is now rewarding profitable growth over growth at all costs,” said MPL cofounders Sai Srinivas and Shubh Malhotra, to its employees via an internal email, according to a leading media house.
Founded in 2018, MPL offers its 90 million users a wide range of games to choose from, including chess, quiz, fantasy sports, free fire, rummy, 8 ball 3D pool, carrom, and ludo. What makes these games interesting and popular is that the users get cash rewards when they win these games.
The mobile gaming unicorn is also retracting from the Indonesian market amidst the global slowdown in the markets. The company now intends to “redeploy” its resources to ensure better health of its business in these tough times.