MPL lays off 100 employees

Fantasy gaming and esports platform Mobile Premier League has joined the list of companies who have fired a number of its employees. Sequoia Capital-backed MPL laid off 100 employees i.e., 10% of its workforce.

The employees will receive complete severance packages along with other extended benefits. Operated by Galactus Funware Technology Pvt. Ltd, the firm has also exited the Indonesian market. The Bengaluru-based company has also pulled off its streaming product on the MPL app.

In an email, MPL Co-Founders Sai Srinivas and Shubh Malhotra told employees, “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.”

They added, “It is time to make the difficult decision to redeploy our resources in other parts of our business to ensure our long-term health and success as a company.” According to them, Mobile Premier League is seeing a return profile that is only a fraction of what they were expecting, despite investing deeply in the Indonesian operations.

MPL is an esports and skill gaming platform. It offers over 70 games across categories such as daily fantasy sports, quizzing, board games, esports, and casual games on its mobile app. The startup caters to more than 90 million users across India and the US.