Data Vantage | Mobile Premier League, Blue Planet and Syfe in focus
Edition #422, 7 November 2024
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Dear Reader,
Singapore-registered online gaming platform Mobile Premier League (MPL) reported a 22.2% year-on-year increase in total revenue, reaching [redacted] million in the financial year ended March 31, 2024. However, its net losses widened due to rising expenses.
India remains MPL’s largest market, contributing 69% of the company’s annual revenue. It is followed by Europe and the US.
MPL’s net loss attributable to shareholders grew to [redacted] million, up from [redacted] million in the previous year, partly due to higher expenses. The biggest expense — advertising, promotions, and marketing — rose 6.8%, along with increased costs for payment gateway fees and customer support services.
In addition to higher operating expenses, MPL reported a net fair value loss on convertible debentures in its most recent financial year, a sharp reversal from the $12.6 million gain recorded in the previous year.
MPL, backed by investors such as Peak XV Partners and Argor Capital, has raised over [redacted] million in funding to date.
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Profit amid funding crunch
Facing a tighter funding environment since early 2022, Southeast Asian startups have implemented several business reforms in a bid to enhance sustainability and profitability.
These efforts have been met with some success. A recent study by DealStreetAsia of 922 venture-backed regional companies shows that 54.4% of the total sample reported year-over-year revenue growth.
About 16.8% of companies reported positive net income, with about half (8.9%) turning around from previous losses.
The analysis was based on companies in DealStreetAsia’s DATA VANTAGE database that filed financial statements between June 2023 and June 2024.
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Other updates from DATA VANTAGE
Singapore-based sustainable waste management firm Blue Planet Environmental Solutions reported a 9.8% drop in revenue for the financial year ended March 31, 2024 to [redacted] million, causing its losses to rise further.
Syfe, a Singapore-based wealthtech platform backed by Valar Ventures, halved its net loss for the 12 months ended March 31, 2024 to [redacted] million, as its revenue grew 66%.
Online language learning platform EWA grew its revenue by 16% to [redacted] million in the year ended March 31, 2024. The Singapore-based company, however, went into the red after reporting a profit in the previous year.
Sustainable resource management firm CleanEdge Resources saw losses widen in the financial year ended March 31, 2024, despite a 23% revenue increase to [redacted] million.
Peak XV-backed cross-border payments startup Tazapay more than tripled its revenue to [redacted] million in the financial year ended March 31, 2024. However, its losses increased by 19% during the period.
Merkle Science, a deep tech blockchain analytics company backed by SGInnovate, recorded revenue of [redacted] million in the year ended December 31, 2023. It also curbed its losses marginally during the year.
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