MPL lays off nearly entire India workforce after Real Money Gaming ban
A handful of employees are expected to be relocated overseas to focus on the company’s strategy and operations in international markets, primarily the United States, where MPL is doubling down on its gaming business.
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Galactus Funware Technology Pvt. Ltd., the parent company of Mobile Premier League (MPL), has initiated large-scale layoffs in India, impacting almost its entire domestic workforce. According to people familiar with the matter, nearly 600-700 employees—or close to 100% of MPL’s India staff—have been let go following the government’s ban on real-money gaming operations.
A handful of employees are expected to be relocated overseas to focus on the company’s strategy and operations in international markets, primarily the United States, where MPL is doubling down on its gaming business. However, impacted team in India include marketing, finance, legal, policy, product development, among others.
One of the affected employees from the policy and legal team told Storyboard18, “We received an email from CEO Sai Srinivas citing the ban on real-money gaming operations as the reason behind the layoffs. Almost 100 percent of the team has been sacked. The email stated that they will help employees during the transition period.”
MPL, once among India’s most prominent gaming unicorns, has so far declined to comment officially on the development.
The layoffs come at a time when the Indian online gaming industry is facing heightened regulatory scrutiny. The passage of the Promotion and Regulation of Online Gaming Bill, 2025 has triggered uncertainty for real-money gaming platforms. MPL’s opinion-trading arm, MPL Opinio, had ceased operations, and the company has now wound down its entire real-money gaming business in India.
Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL rapidly scaled up to offer over 60 games across categories including board games, puzzles, and casual titles. It boasted over 90 million registered users globally and was last valued at $2.3 billion in September 2021, after raising $150 million. In FY24, MPL posted revenues of $130 million, a 22% increase year-on-year, and achieved break-even with a marginal adjusted EBITDA of $0.2 million.
Despite MPL’s sharp growth and international footprint—spanning North America, Europe, and Africa—the regulatory crackdown has forced it to exit its most significant market. Industry bodies like the All India Gaming Federation (AIGF), E-Gaming Federation (EGF), and Federation of Indian Fantasy Sports (FIFS) have cautioned that the online gaming sector, which contributes over ₹20,000 crore annually in taxes and employs more than two lakh people, could face severe disruption if policy challenges persist.
MPL, backed by Peak XV Partners, is now betting on overseas markets for survival and expansion. Roughly 31% of its FY24 revenue already came from international operations, a share expected to rise sharply with its exit from real-money gaming in India.
