MPL – Mobile Premier League a bengaluru based esports and mobile gaming related startup recently termed to be a unicorn has let go if 100 employees as part of its recent layoffs, which account to 10% of its total workforce.
The company is also shutting down its operations in Indonesia and shutting down the streaming service on its app. MPL confirmed the latest announcement and said that most of the layoffs will take place round the streaming part of its business.
In an email cited by Moneycontrol, MPL cofounders 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.”
“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,” they said in the email.
The cofounders also explained the rationale for exiting Indonesia in the email. 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.