Data Vantage | MPL, Asia Genomics report revenue growth and other updates

Edition #166, 14 April 2022

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Business has been booming for India’s online gaming platform Mobile Premier League (MPL). On the back of growing adoption and longer time spent on gaming during the COVID-19 pandemic, the company recorded an eightfold growth in revenue, according to its latest update.

MPL generated $51 million in total revenue in the financial year ended March 31, 2021, up more than 700% from the previous year. The company, which is registered in Singapore, was valued at over $1 billion in September last year after securing $150 million in a Series E funding round led by Legatum Capital.

Despite rapid revenue growth, the company remains in the red as its losses grew 41% year on year.

Top shareholders in MPL

Source: DATA VANTAGE

Another company that saw a revenue surge during the pandemic is Asia Genomics, a Singapore-based company that produces COVID-19 PCR and ART testing solutions. The company saw its revenue soar 20 times in the financial year ended September 30, 2021.

The revenue growth helped the company, which was founded in 2013, to turn a profit after posting losses for three consecutive years.

Asia Genomics has raised close to $14 million in total funding and concluded its last financing in October last year.

Other updates from DATA VANTAGE

CrediBook, an Indonesian startup that provides bookkeeping solutions for MSMEs, received $3.8 million last week as part of an $8.1 million Series A round. The capital came from existing shareholders Monk’s Hill Ventures, Wavemaker Partners and Insignia Ventures Partners.

Indonesia-focused venture capital firm East Ventures has led a $10 million seed round for TipTip, a platform for content creators across Southeast Asia. Other investors in the round include Vertex Ventures, Emtek and SMDV. TipTip was founded by Albert Lucius, the co-founder of Indonesian fintech firm Kudo, which was acquired by Grab in 2017.

Crown Technologies allotted new shares last week worth $1.5 million to Heliconia Capital and another investor at $27.3 apiece, up from $22.3 per share paid for a previous allotment in March.

Singapore-based venture capital firm Jungle Ventures has topped up its investment in Thai fashion commerce platform Pomelo. The latter issued new shares last week valued at $1.5 million to accommodate the investment, bringing the total paid-up capital received by the company since its registration in Singapore to more than $100 million.

Conversant Solutions, a Singapore-based regional digital media enablement and solutions provider, bagged more capital last week as part of its Series B funding round. Conversant has received close to $120 million in funding to date.

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