With ambitions to list on Indian stock exchanges, fintech business PhonePe said on 20 February that it has started preparing for the start of its initial public offering (IPO). According to a press release from PhonePe, the company, which will mark its tenth anniversary this year, provides cutting-edge financial services and technological solutions to hundreds of millions of users. Having been established in India and being a pioneer in the country’s fintech sector, PhonePe has long hoped to go public, the statement further stated. After moving from Singapore to India in December 2022, PhonePe created a distinct corporate structure and made all of its new non-payment companies fully owned subsidiaries.
Why it is the Right Time to Go Public?
The release stated that now is a good time to be ready for a public offering because of PhonePe‘s robust top-line and bottom-line growth throughout its varied business portfolio, as reported in its FY23-24 annual report. Its revenue surpassed INR 5,000 crore in FY 23–24, increasing 74% year over year and making adjusted PAT positive (PAT less expenses for Employee Stock Options, or ESOP). In contrast to the INR 738 crore loss for FY 22–23, the group recorded an adjusted PAT of INR 197 crore for FY 23–24. Additionally, the standalone payments company reported an adjusted PAT of INR 710 for FY23–24, as opposed to a loss of INR 194 crore for FY22–23. PhonePe is licensed to operate a wide range of operations, including stock broking, insurance broking, prepaid instruments, and payment aggregators.
Investors of PhonePe
The company’s 2024 annual report states that prominent investors have contributed INR 18,000 crore to PhonePe. According to PhonePe’s annual report, the company’s roster of investors includes some of the most recognisable strategic investors, sovereign funds, and private equity investors worldwide, led by Walmart Inc., its largest shareholder. August 2016 saw the release of the PhonePe digital payments app. By January 2025, PhonePe boasted a network of over 4 crore merchants accepting digital payments and over 59 crore lifetime registered users. Additionally, PhonePe handles more than 31 crore transactions every day, with a total payment value (TPV) of more than INR 145 lakh crore annually.
IPO Getting More Popular Among Startup Sector
Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025. Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.
In the near future, startups like SoftBank-backed OfBusiness, contract maker Zetwek, and financial unicorn Pine Labs hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025. This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.
There’s something timeless about leather. It’s a statement of craftsmanship, durability, and luxury. From sleek handbags to rugged boots, leather goods have a universal appeal that transcends trends. If you’ve ever dreamed of turning your passion for leather into a thriving business, you’re in the right place. Starting a leather business is an exciting journey, but like any entrepreneurial venture, it requires careful planning, creativity, and a dash of courage. In this guide, we’ll walk you through the essential steps to launch your leather business, from understanding the market to building a brand that stands out. No matter who you’re: a seasoned crafter or a leather enthusiast looking to dive into the industry, this article will equip you with the tools to turn your vision into reality.
Before you dive into the leather business, it’s crucial to understand the market arena. The leather industry is vast, encompassing everything from high-end fashion to automotive upholstery. You should start by researching the different segments — luxury accessories, footwear, furniture, and even niche markets like leather-bound journals or sports equipment. One should pay attention to trends, too. Sustainability is a big buzzword these days, with more consumers seeking eco-friendly and ethically sourced leather products. Are you drawn to the luxury market, or do you see potential in affordable, everyday leather goods? Understanding where your passion aligns with market demand is the first step to carving out your niche.
Step 2: Define Your Product Line
Once you’ve got a handle on the market, it’s time to decide what you’ll actually sell. Will you focus on handcrafted leather bags, bespoke shoes, or perhaps leather furniture? Your product line should reflect your skills, resources, and target audience. For instance, if you’re a skilled artisan, you might start with custom-made leather wallets or belts. If you’re more business-minded, you could explore wholesale leather goods or collaborate with designers to create unique collections. Remember, it’s better to start small and perfect a few products than to spread yourself too thin.
Every successful business starts with a solid plan. Your business plan is your roadmap — it outlines your goals, target market, pricing strategy, and financial projections. Start by defining your mission and vision. What makes your leather business unique? Is it your commitment to sustainability, your innovative designs, or your focus on luxury craftsmanship? Next, dive into the numbers. Calculate your startup costs, including materials, equipment, and marketing expenses. Don’t forget to factor in ongoing costs like rent, utilities, and salaries if you plan to hire help. A well-thought-out business plan not only keeps you on track but also helps you secure funding if needed.
Step 4: Source Quality Materials
The heart of any leather business is, of course, the leather itself. Sourcing high-quality materials is non-negotiable if you want to create products that stand out. Research reputable tanneries and suppliers, and don’t be afraid to ask for samples. Look for leather that matches your brand’s ethos—whether it’s full-grain leather for luxury items or eco-friendly options like vegetable-tanned leather. Building strong relationships with suppliers is key. Not only will this ensure consistent quality, but it can also lead to better pricing and exclusive materials down the line.
Step 5: Set Up Your Workspace
No matter if you’re working from a small studio or a larger workshop, your workspace is where the magic happens. Invest in the right tools and equipment, from cutting mats and stitching machines to leather dyes and finishes. If you’re starting small, you don’t need a fancy setup—just a clean, organized space where you can work efficiently.
If you’re planning to sell online, consider setting up a dedicated area for product photography. Good lighting and a neutral background can make all the difference in showcasing your leather goods.
Step 6: Build Your Brand
Your brand is more than just a logo—it’s the story you tell and the emotions you evoke. Start by defining your brand identity. What values do you want to communicate? Is your brand about timeless elegance, rugged durability, or modern minimalism?
Once you’ve nailed down your brand identity, create a visual identity that reflects it. This includes your logo, color palette, and packaging design. Don’t underestimate the power of packaging—unboxing a beautifully wrapped leather product can turn a customer into a lifelong fan.
Now that you’ve got your products and brand ready, it’s time to spread the word. Start by building an online presence. A professional website is a must, especially if you plan to sell directly to consumers. Use high-quality photos and detailed product descriptions to showcase your leather goods.
Social media is another powerful tool. Platforms like Instagram and Pinterest are perfect for visually-driven industries like leather crafting. Share behind-the-scenes content, customer testimonials, and styling tips to engage your audience.
Don’t forget about traditional marketing tactics, either. Pop-up shops, trade shows, and collaborations with local businesses can help you reach a wider audience.
In the leather business, customer satisfaction is everything. From the moment someone discovers your brand to the day they receive their order, every interaction should be seamless and enjoyable. Offer excellent customer service, whether it’s through prompt email responses or personalized thank-you notes.
Consider offering customization options, too. Many customers are willing to pay a premium for bespoke leather goods that feel one-of-a-kind.
Step 9: Scale and Grow
As your business gains traction, you’ll start thinking about growth. Maybe you’ll expand your product line, open a retail store, or explore international markets. Whatever your goals, remember to stay true to your brand and values.
Scaling a business comes with its own set of challenges, from managing inventory to hiring the right team. Take it one step at a time, and don’t be afraid to seek advice from mentors or industry experts.
Starting a leather business is no small feat, but with passion, persistence, and a solid plan, you can turn your dream into a thriving reality. Remember, the leather industry is as much about artistry as it is about business. Stay true to your craft, listen to your customers, and never stop innovating.
And if you’re hungry for more entrepreneurial insights, head over to StartupTalky for more tips, tricks, and inspiration. Follow us on Instagram for daily doses of business wisdom and a behind-the-scenes look at the world of startups. Because at StartupTalky, we believe every great business starts with a great idea—and a little bit of hustle.
Now, go forth and create something extraordinary. The world of leather is waiting for you! 👜✨
Do I need a lot of capital to start a leather business?
The capital required varies depending on the scale of your business. Starting small with handcrafted items might need less capital than setting up a manufacturing unit.
Do I need specialized skills to work with leather?
Yes, working with leather requires specific skills like cutting, stitching, tooling, and finishing. You can learn these skills through workshops, online tutorials, or apprenticeships. Alternatively, you can hire skilled artisans.
It’s clear that AI will reshape industries, companies, and roles. AI-powered applications tackle challenges traditional software cannot—but hallucinations are holding enterprises back from scaling AI. The issue isn’t just complexity—it’s trust. AI models are probabilistic, so their outputs can be unpredictable. Hallucinations in chatbots and autonomous agents occur when models lack sufficient context.
Dev Ittycheria, President and CEO, MongoDB said- We are excited to announce that Voyage AI—a leader in AI-powered retrieval—has been acquired by MongoDB. This acquisition brings state-of-the-art embedding and reranking models to MongoDB, empowering you to build applications that deliver accurate, relevant, and trustworthy results at scale. AI is only as good as the data it retrieves.
Founded by researchers from Stanford, MIT, UC Berkeley, and Princeton, Voyage AI is trusted by innovators like Anthropic, LangChain, Harvey, and Replit. At MongoDB, we believe powerful applications require a flexible, scalable, and intelligent data foundation. By integrating Voyage AI’s capabilities into MongoDB Atlas, we’re redefining the database for the AI era—combining market-leading technology with intelligent retrieval to drive real business impact.
Bangalore, February 24, 2025: Nutrify Today, a pioneer in AI-driven nutraceutical innovation, has introduced Dealsphere, a groundbreaking platform that transforms how businesses discover, license, and commercialise science-backed nutrition products.
Dealsphere accelerates the traditionally slow and expensive process of product ideation and licensing, enabling companies to launch new nutraceutical products in a matter of days, a significant reduction from the years it typically takes. This innovation builds on Nutrify Today’s 2023 success with the world’s first precision AI for nutraceuticals, which reduced product development time from 1.5 years to nine months.
For pharmaceutical and nutraceutical companies, securing innovative, scientifically proven formulas has traditionally been a long and costly process involving extensive negotiations and research. Dealsphere eliminates these barriers, offering an Amazon-like experience for licensing high-science, responsible nutrition products, thereby simplifying and streamlining the process.
With Dealsphere, companies can now browse pre-approved, science-backed formulations, select a formula that aligns with their brand and budget, and launch new products in days with full regulatory compliance.
Dealsphere will be officially unveiled at the Nutrify C-Suite Sumflex event. Ahead of the launch, NutrifyGenie AI introduced Multimillion-Dollar Playbook, a book featuring the first 100 commercially viable formulas across all three grades. The book’s soft launch on Amazon India saw it sell out within 30 minutes, a testament to the strong industry demand for fast, validated nutraceutical innovations and the confidence in NutrifyGenie AI’s capabilities.
Sudarshan Jain, Secretary General of the Indian Pharmaceutical Alliance, and Dr Ajay Sood, Principal Scientific Advisor to the Government of India, attended the Mumbai and Delhi launch events, underscoring the platform’s significance in the industry.
“With Dealsphere, we are eliminating inefficiencies and accelerating commercialisation in the nutraceutical space. Companies can now instantly access scientifically validated, market-ready formulations, driving growth while maintaining scientific integrity and compliance,” said Amit Srivastava, Chief Catalyst and founder of Nutrify Today.
Dealsphere functions as an on-demand marketplace for nutraceutical companies, giving them access to ready-to-commercialize formulas backed by scientific validation, regulatory approvals, and fully mapped supply chains. Businesses can search for formulas by health claims, targeted conditions, and budget, choosing from three product tiers:
Grade 1: Fully developed products with custom clinical studies, stability data, scientific dossiers, and regulatory approvals—ready for commercialisation in just 15-30 days.
Grade 2: Products with third-party clinical study data, regulatory clearance, and a mapped supply chain for instant launch at a lower budget.
Grade 3: Pre-validated product ideas with scientific backing and a mapped supply chain, enabling companies with smaller budgets to leverage NutrifyGenie AI-audited suppliers or their own network.
Instant commerce, widely known in the grocery sector, is now set to redefine the nutraceutical industry. Dealsphere is bridging the gap between innovation and market readiness by enabling businesses to commercialise responsible nutrition products rapidly.
As NutrifyGenie AI and Nutrify Today continue to push the boundaries of AI-driven product innovation, Dealsphere is set to become the preferred platform for businesses looking to commercialise high-science nutrition with speed and precision.
Top pharma companies must ensure reliable and trustworthy healthcare information. To do that, Rajasi Media is becoming the most dependable helping hand for top brands.
New Delhi [India], February 24: In the ever-evolving and fast-paced digital world, people can have access to almost everything and anything, including misinformation. This has emerged as a growing challenge in the digital era, where articles, blogs, etc., have been published with misleading or inauthentic information, which has influenced the minds of readers in a negative way. When it comes to searching for medical and pharma-related topics and blogs on Google, people often easily trust the information they gain online, knowing little about whether it is true or not. This has made authentic medical and pharma content writing more critical than ever. The industry needs knowledgeable medical writers to pave the way for genuine information to be spread online.
Rated as one of the Top content-writing companies in India, Rajasi Media, founded by Saraswat Brahmin Jigar Joshi, widely known as Jigar Saraswat, has been working in the right direction and inspiring others as well to serve readers with authentic medical and pharma blogs and articles.
Healthcare and pharmaceutical companies and wellness brands must recognise the importance of publishing genuine, research-based, and informative blogs to educate their audience, much like Rajasi Media has been doing with a team of experienced and expert medical writers. Companies need to focus on creating medical and pharmaceutical content that is not only engaging but also factually correct and aligned with the latest scientific research.
Misleading or inaccurate medical content can have severe consequences. False information about medications, treatments, or health conditions can lead to poor decision-making by readers, worsening health issues, or even dangerous self-medication. Authentic medical blogs ensure readers receive fact-based, scientifically validated knowledge that helps them make informed health decisions.
Healthcare and pharma companies can thrive on trust and credibility. A company that regularly publishes well-researched, authentic medical blogs can establish itself as a reliable source of information. This benefits the ones reading the blogs/articles and strengthens the company’s brand reputation, setting it apart from competitors relying on misleading or superficial content.
Patients today seek online medical information before consulting healthcare providers. Hence, it becomes pivotal to provide them with accurate, comprehensive and well-structured medical blogs that help bridge the gap between professional healthcare advice and general public understanding.
Search engines prioritise content that has value, is original and authentic, and is well-researched and relevant. Well-crafted and genuine medical blogs can help companies rank higher on search engine result pages, increasing website traffic and audience engagement. However, only expert medical writers like the ones at Rajasi Media who have the knowledge and ability to deliver genuine work in any quantity promptly can create content that can meet SEO and medical accuracy requirements.
Writing in the medical and pharma domains isn’t similar to writing general content. It requires:
A deep understanding of medical guidelines and regulatory standards.
Profound knowledge of medical terms, concepts, and healthcare trends.
The ability to present complex scientific data in an easy-to-understand manner.
“In healthcare and pharma, accuracy is not optional – it is essential. Every blog we create is backed by the knowledge and expertise of medical writers and the scientific research they do to ensure readers receive valuable and authentic insights,” highlights Jigar Saraswat.
In an industry where misinformation can have real-life consequences, well-researched, authentic, and expertly written blogs can be game-changers, leading to a healthier, more informed society.
With a goal of 10 million lives covered by 2025, insurtech platform Plum has announced that it will invest $6 million over the course of the next 24 months to enter the personal insurance market. Atul Mishra has been selected to lead the sector.
Plum said in the news release that the firm wants to make it easier and more accessible for people to get health insurance. Plum is now implementing its technology-driven, customer-first strategy to satisfy the increasing demand in the personal insurance market, having previously managed more than $120 million in premiums through its corporate health insurance business. Given the significant gap in health insurance coverage in India and its corporate insurance business with companies like Tata, Twilio, and Zomato, Plum views this as a chance to close the gap between Indians without proper coverage and employer-sponsored insurance.
Plum Sees Strong Potential in this Domain
With more than 400 million Indians now lacking proper coverage, Plum’s co-founder and CEO, Abhishek Poddar, stated that the company sees a rare chance to close the gap and offer more transparent, accessible, and reasonably priced solutions. Beyond merely marketing insurance, the company’s goals are to enhance health outcomes, lower hospitalisation rates, and eventually make health care affordable for all.
Poddar went on to say that the business has conducted a pilot study with its current clientele. Nearly 4 to 5% of Plum’s user base has taken out personal insurance in the first few months of the platform’s introduction. Although opening it up to members outside of Plum is eventually planned, the company is probably a few months away from doing so, most likely this year.
Plum Operations Till Now
According to Plum, which was co-founded in 2019 by Abhishek Poddar and Saurabh Arora, its corporate health insurance business has processed over $120 million in premiums. It now seeks to provide people with the same technology-driven approach. Plum will incorporate personal insurance into its current mobile platform, which provides wellness initiatives, telehealth services, and claims support to over 1 lakh active customers. Supported by investors such as Tiger Global and Peak XV Partners, the company anticipates processing more than one lakh personal insurance claims this fiscal year. Plum is one of many Indian fintech and insurtech companies that are placing significant bets on personal finance solutions. These consist of InsuranceDekho, GoDigit, and PB Fintech.
In contrast to the industry norm of four to five hours, Plum’s AI-powered platform has achieved a 95% customer retention rate, a Net Promoter Score (NPS) above 70, and an average cashless claim settlement time of under 30 minutes. Plum’s growth is in line with India’s growing need for transparent, reasonably priced health insurance, as the personal insurance market is expanding at an annual rate of 18%.
According to a prominent media outlet, Vishesh Khurana, a cofounder of Shiprocket, has been appointed as an advisor by San Francisco-based cryptocurrency trading platform Kraken, which is planning to relaunch its services in India. According to the report, Khurana will oversee Kraken’s operations in India. According to reports, Kraken will shortly interact with local authorities to submit applications for operating licenses. At the moment, Khurana is a managing partner at Tribe Capital India, a venture capital firm. Tribe Capital’s founder, Arjun Sethi, is currently Kraken’s co-CEO. A spokesperson for Kraken confirmed that the company is seeking authorisation and that Vishesh (Khurana) is functioning as an advisor to the firm.
Why Kraken was Banned?
In early 2024, Kraken and eight other cryptocurrency exchanges were banned from India for violating the nation’s anti-money laundering regulations. Cryptocurrency exchanges operating in India are required to abide by the Prevention of Money Laundering Act (PMLA), which includes reporting suspicious transactions, adhering to know-your-customer (KYC) guidelines, and registering with the Financial Intelligence Unit (FIU). Several media outlets reported in September of last year that in order to resume operations, offshore cryptocurrency exchanges could also need to pay outstanding goods and services tax (GST) obligations. Among the offshore cryptocurrency trading platforms that the FIU has approved to resume operations thus far are Binance and KuCoin.
Reasons for Re-Entering the Indian Market
Following a surge in the value of major cryptocurrencies like Bitcoin, which is currently trading at almost all-time highs, Kraken aims to re-enter India. According to CoinMarketCap, Bitcoin was trading at over $96,000 on 19 February 2025. Based on 24-hour trading volume, CoinMarketCap ranked Kraken as the seventh-largest cryptocurrency exchange globally on February 19. The biggest was Binance, which was followed by Coinbase and Bybit. Sethi disclosed in a blog post on January 31 that Kraken made $1.5 billion in 2024, more than doubling $671 million in 2023, when the markets were weak.
According to Sethi, clients trusted us with 2.5 million funded accounts and $42.8 billion in platform assets over the course of the year. Kraken’s average revenue per customer is now well over $2,000, significantly beyond any similar statistic recently seen from traditional or cryptocurrency exchanges. In 2024, total trading volumes hit $665 billion.
Today, the brand is setting itself up for even more acceleration due to industry tailwinds and more regulatory certainty, both domestically and internationally. The election of Donald Trump as the US president has given cryptocurrencies a significant boost as an asset. According to a global news outlet, Trump has stated his strong support for digital assets and even pledged during his campaign to make the US the “crypto capital of the planet.”
KiranaPro, a top AI-powered quick commerce platform in India, has gained strong support with PV Sindhu joining, India’s renowned badminton star, as both an investor and brand ambassador. This is the first investment in KiranaPro’s seed funding round, supporting its mission to modernise India’s retail sector by helping small kirana stores adopt advanced technology.
The partnership was arranged by Cornerstone Sport, ensuring a strong alignment between Sindhu and KiranaPro’s long-term goals. It will help small retailers go digital and expand KiranaPro’s presence in tier 2 and tier 3 cities.
PV Sindhu’s Role in KiranaPro
PV Sindhu’s involvement extends beyond financial backing. She will actively contribute to KiranaPro’s growth and brand vision, helping kirana store owners adopt technological solutions for improved efficiency and profitability. As the brand’s official ambassador during IPL 2025, she will help enhance KiranaPro’s national visibility, strengthening its position in quick commerce.
Sindhu’s values of perseverance, excellence, and trust align well with KiranaPro’s mission. Just as she has broken barriers in sports, KiranaPro is pushing the boundaries of quick commerce by integrating AI technology to empower small retailers. Following this partnership, she will appear in multiple digital and traditional media campaigns and feature the KiranaPro logo on her jersey, helping build a stronger connection with consumers and retailers.
KiranaPro’s Leadership on the Partnership
Deepak Ravindran, Co-Founder and CEO of KiranaPro, welcomed Sindhu’s support, stating, “This partnership marks a significant milestone for KiranaPro. PV Sindhu is the embodiment of skill and determination. We have taken on the task of building a nationwide network connecting lakhs of kirana stores to millions of local customers. Sindhu’s support is a recognition of our efforts and will act as a catalyst for us to work even harder towards the cause of empowering local communities.”
Dipankar Sarkar, Co-Founder and CTO, KiranaPro, said,“We are extremely excited that a national icon like PV Sindhu has decided to back our vision to empower neighborhood kirana stores. Her support for our tech-driven and AI-powered solutions will help accelerate the digital transformation of small businesses across the country. Together, we can bring positive change to smaller cities and towns in India.”
PV Sindhu on Joining KiranaPro
Expressing her excitement about the partnership, PV Sindhu said, “I’ve always believed in the power of empowerment, and KiranaPro is making a real difference by helping neighbourhood kirana stores embrace technology, unlock new opportunities, and thrive in an increasingly digital world. This goes beyond retail—it’s about transforming the rural economy and contributing to India’s overall development. I’m proud to join KiranaPro, both as brand ambassador and investor, to support this meaningful mission of empowering communities and creating a lasting impact.”
Jogesh Lulla. Co-founder and COO, Cornerstone Sport, said, “PV Sindhu has always been an advocate for excellence and empowerment, both on and off the court. Her partnership with KiranaPro is more than just a collaboration—it’s a shared vision to uplift small businesses and bring digital transformation to India’s kirana stores. At Cornerstone Sport, we are proud to have facilitated this association and look forward to seeing it create a lasting impact.”
KiranaPro’s Growth and Future Plans
KiranaPro has already integrated over 30,000 kirana stores into its AI-powered platform, making it the first ONDC-integrated quick commerce company in India. The recent acquisition of Jopper.app has further accelerated its expansion. With PV Sindhu’s involvement, KiranaPro aims to scale its operations and solidify its leadership in AI-powered quick commerce.
Additionally, KiranaPro is launching a community investment round, allowing everyday customers and supporters to participate in the future of commerce—alongside PV Sindhu. This initiative aims to create a more inclusive investment model while strengthening the company’s vision for digital transformation in the retail sector.
With this strategic partnership, KiranaPro is all set to redefine the quick commerce space, empowering kirana stores with AI solutions and expanding its footprint across the country.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organisations.
As per a KPMG report published in 2019, over 300 million people in India play online games. Though online real-money gaming entered India just a decade ago, it has become quite popular among the Indians the primary reason being that the players can earn money and rewards while playing games. There are over 100 companies operating in the real-money gaming sector in India, and one of the most popular platforms for real-money gaming is MPL (Mobile Premier League). Founded in 2018, MPL is India’s largest mobile e-sports platform. Sai Srinivas Kiran G and Shubham Malhotra founded MPL.
MPL was last valued at $2.45 billion and is hailed as the 26th unicorn startup of 2021, and the second Indian unicorn online gaming startup to cross the 1 billion dollar mark, as of October 2021.
This post takes a deep dive into MPL’s success story, founders, history, business model, valuation, revenue, funding, founders, competitors, growth, logo, and much more.
Mobile Premier League, or MPL, is an online gaming platform based out of Bengaluru, India. Sai Srinivas Kiran G and Shubham Malhotra are the founders of the company. MPL provides an abundant pool of games such as chess, quiz, fantasy sports, free fire, rummy, 8 ball 3D pool, carrom, ludo, and more. The Mobile Premier League games are distributed into categories like fantasy sports, card games, puzzle games, arcade games, action games, and more
The company renders real cash rewards to those who win in these online games. With various offers that float on the platform and 24/7 support from the MPL team, mobile game lovers are inclined towards MPL. Mobile Premier League also provides the option of connecting with friends and offers a bonus for referring others to play on MPL. The Indian e-gaming platform has more than 60 online games, which can be accessed via its mobile application that is compatible with both Android and iOS phones.
Founded in September 2018, MPL company has seen rapid growth and is currently serving over 90 million users in India.
The market of online fantasy games in India is expanding tremendously – over 100 million users in India joined numerous fantasy gaming platforms in 2020 alone. These online fantasy gaming platforms like MPL have been currently engaging 14% of all smartphone users in the country. The revenues from online gaming in India jumped 3X in a year and were last recorded at INR 16,428 crore in 2023.
The fantasy sports market in India is expected to grow at a rate of 20.88% from FY2024 to FY2031. It is projected to increase from USD 751 million in FY2023 to USD 3423.54 million by FY2031. The market has been growing fast in recent years and is expected to continue expanding strongly. Needless to say, MPL also has a huge opportunity in this market in the upcoming years in India.
Galactus Funware Technology Private Limited is the parent company of MPL. Galactus Funware Technology Private Limited is a private company incorporated on May 22, 2018. It is classified as a ‘subsidiary of the foreign company’ and is registered at the Registrar of Companies, Bangalore. Galactus Funware Technology offers a wide range of game applications, tournaments, cash rewards, and other related services.
Galactus Funware Technology Private Limited is currently focusing on Mobile Premier League, which is currently operating as a digital gaming platform.
MPL – Founders/Owners and Team
MPL was founded by Sai Srinivas Kiran G and Shubham Malhotra in September 2018.
Shubham Malhotra and Sai Srinivas Kiran (Founders of MPL)
Prior to MPL, Sai and Shubham co-founded CREO (a technology company) in 2014. CREO was acquired by Hike Messenger in 2017.
Sai Srinivas Kiran G (Co-Founder and CEO)
MPL CEO Sai Srinivas did his B.Tech from IIT Kanpur in Aeronautical Engineering. Soon after completing his graduation, he started working at a gaming firm, Zynga, where he was an Associate Product Manager. He then joined BSB – Bharti Softbank as the Director of Product, leaving which, he co-founded CREO Tech, where he was also appointed as the CEO. However, CREO was soon acquired by Hike Messenger, where he later served as the Head of Total. Srinivas then decided to venture into the mobile e-sports sector, when he co-founded MPL. Sai also co-founded Base9, a company that organized and promoted live events across India in 2009.
Shubham Malhotra (Co-Founder)
MPL co-founder Shubham Malhotra did his BE in Electronics and Instrumentation from the Birla Institute of Technology and Science(BITS), Pilani. He initially worked as the Co-founder and CTO of Capillary Technologies, a technology service provider, before moving on to co-found CREO, where he again served as the Co-founder and CTO. He continued to stay with Hike Messenger as the Head of Engineering at Total by Hike even after it acquired CREO. Shubham then decided to found MPL with his CREO co-founder, Sai Srinivas.
MPL amended its reward policy for employees and made it a reward for teams. This all-new reward system for teams, which it has introduced, will reward teams for their performance and targets achieved instead of rewarding employees, as per June 20, 2022. In terms of its employee salaries, MPL has merged the fixed and variable components of their salaries.
MPL – Name, Tagline, and Logo
The name ‘Mobile Premier League’ depicts the finest collection of games that can be accessed through mobile phones. The tagline of MPL was initially ‘Play.Compete.Win’. MPL now uses ‘Game Khelo Hero Bano’ as its tagline.
MPL Logo
MPL – Business and Revenue Model
MPL’s business model revolves around the app that it offers its users. There are several ways in which MPL makes money. It collects an entry fee from the players whenever they want to participate in any game. When the company holds tournaments, it receives 20% of the total money raised from the participating players as a hosting fee. MPL’s gaming apps also make money through advertisements and in-app purchases. MPL’s business model has aided in its success.
“We already have multiple different forms of monetization that we are looking at, and are working for us. However, we are looking at one of these becoming a long-term source of monetization, while keeping the high level of engagement,” says Sai Srinivas Kiran, Co-founder of MPL, commenting on the monetization plans of the company.
MPL – Growth and Revenue
MPL boasts of having more than 90 million users in India alone and 60+ games. The company is a member of AIGF (All India Gaming Federation), FICCI, IAMAI (Internet and Mobile Association of India), and TRF (The Rummy Federation).
Some other growth highlights of MPL are as follows:
In March 2019, Indian Cricketer Virat Kohli became MPL’s brand ambassador.
MPL is currently trusted by 9 Crore+ Indians
Mayhem Studios
Mayhem Studios is launched by MPL in May 2022 to develop ‘AAA’ mobile games for domestic and global markets. ESports along with MPL launched this gaming studio, which revealed its first gaming title called “Underworld Gang Wars”.
MPL – Financials
MPL Financials
FY23
FY24
Total Operating Revenue
INR 873.7 cr
INR 1,068 cr
Total Expenses
INR 1,365.7 cr
INR 1,393.2 cr
Profit/Loss
Loss of INR 309.3 cr
Loss of INR 374.9 cr
MPL Financials
Operating revenue for MPL India surged 22.2% to INR 1,068 crore in FY24 from INR 873.7 crore in FY23. The business backed by Peak XV Partners increased its total expenses by 2% to INR 1,393.2 crore. Their losses all saw an increase from INR 309.3 crore in FY23 to INR 374.9 crore in FY24.
MPL – Partnerships
Here is a list of the prominent MPL partnerships:
Mobile Premier League, a leading eSports and gaming platform, has partnered with GameDuell to expand its presence in global markets.
MPL partnered with the hyper-casual developers and publishers, Voodoo to launch Helix Jump and Color Road
The company partnered with Prime Focus Technologies for content creation
MPL has already partnered with BCCI as the kit sponsor and official merchandise partner
MPL has partnered with the Esports Federation of India (ESFI) as the sponsor of the Indian team
MPL has collaborated with established as well as independent game developers from across India
MPL – Funding and Investors
MPL’s total funding stands at $375.5 million. The last round that the company raised was the Series E funding round worth $150 mn, dated September 15, 2021, and was led by Legatum.
In the Series D round held in February 2021, MPL raised funding of $95 million. The round was led by Composite Capital and Moore Strategic Ventures and funding participation was also seen from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures. The round before that was the Series C round held on September 21, 2020, where MPL raised $90 million from SIG, RTP Global, MDI Ventures, and Pegasus Tech Ventures. MPL’s existing investors, Sequoia Capital India, Go-Ventures, and Base Partners also participated in the round.
The company’s valuation stands at $2.19 billion, as of December 2024.
Date
Stage
Amount
Lead Investors
September 15, 2021
Series E
$150 million
Legatum
February 4, 2021
Series D
$95 million
Composite Capital and Moore Strategic Ventures, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures
Sequoia Capital India, BEENEXT, RTP Global, Venture Highway, Times Internet
November 8, 2018
Seed Round
$5 million
Sequoia Capital
MPL – Shareholders
MPL shareholding as of August 2023 (source: Tracxn):
MPL Shareholders
Percentage
Sai Srinivas Kiran Garimella
11.6%
Base Partners
2.3%
Sequoia Capital
21.7%
SIG
10.5%
VGames
7.2%
MDI Ventures
3.7%
RTP Global
3.3%
Gojek
1.6%
Angel
11.7%
ESOP Pool
11.2%
Others
15.2%
MPL Shareholding
MPL – Acquisitions
MPL has acquired 3 companies to date. GameDuell, the German Game Studio, was the last company acquired by MPL on February 28, 2022. This acquisition will help MPL, one of the most renowned esports and skill gaming platforms, to extend its operations across international markets. MPL is currently present in Europe, Asia, and North America. Here the partnership with GameDuell, the Berlin-based game studio that is the global pioneer in community card and board games, will help MPL get extensive experience in developing multiplayer games like action arcade, board, and puzzle games.
Mobile Premier League previously acquired GamingMonk and Crevise Technologies.
Companies Acquired
Date
Deal Value
GameDuell
February 28, 2022
–
GamingMonk
April 20, 2021
–
Crevise Technologies
May 8, 2019
–
MPL – Investments
MPL has invested in 1 company to date, which goes by the name IndiGG.
Date
Company
Funding Round
Deal Value
Lead Investor
January 19, 2022
IndiGG
Seed Round
$6 mn
–
MPL – ESOPs
MPL announced an ESOP buyback plan in September 2020, which was worth $3.2 mn for its employees, during the Series C round of funding. The company raised $500,000 from its existing employees in January 2021 under its Employee Investment Plan, where 10% of the MPL employees reportedly participated.
MPL made a few changes to its ESOP as well as its employee pay structure, as reported on June 20, 2022. In its ESOP part, MPL has reduced its ESOP vesting period, from a few years to some months. The company further mentioned that previously its employees were granted ESOPs at the end of a cliff period, which was after the completion of a year. At the conclusion of this cliff period, the employees of MPL got the first batch of ESOPs, and it was only in the next year that the company granted them the next batch of ESOPs. This policy was amended and made into one such structure where the employees can vest ESOPs immediately. Also, the updated ESOP policy of MPL has widened the period of availing ESOPs for employees who are exiting the company. While the previous policy allowed the parting employees to avail of their ESOPs for 30 days, now MPL will allow them an allowance of 10 years time from the vesting date.
Some of the major awards and recognitions received by MPL to date are:
MPL was recognized as the ‘Best Fantasy Sports Operator’ in the year 2019 by the India Gaming Awards.
The company replaced Nike to become the official kit sponsor and the merchandise partner of both the national men’s and women’s sides as well as the U-19 team, as announced by the BCCI (the Board of Control for Cricket in India)
MPL won the India CSR Leadership Award in 2021
Mobile Premier League is known as India’s second gaming unicorn
With over 60 games, Mobile Premier League (MPL) is currently India’s largest eSports and mobile gaming platform
MPL – LayOffs
MPL laid off around 100 employees on May 30, 2022. This way the company parted with 10% of its workforce. The number of people impacted can also be higher, as per the reports from sources on request for anonymity. However, it is also known that the employees affected by this layoff will receive complete severance along with other benefits.
Besides, the employees who held ESOPs in the company will also have an option to hold on to their ESOPs for the upcoming decade. Numerous Indian late-stage startups from various industries have already laid off their employees, like Meesho, CarDekho, Ola, Unacademy, mFine, Vedantu, etc., but the challenges that the Indian startups are facing become prominent when real gaming startups like MPL also had to lay off their employees. FrontRow, on the same day, laid off 30% of its workforce.
Though many startups like the ones mentioned above have performed their own layoffs, the gaming industry surely had better money-making luck. It is important to note that two of the top ten profitable companies among the unicorn companies of India that have successfully kept their valuations intact in the past few weeks are Games 24×7 and Dream11.
MPL (Mobile Premier League), following the decision by the GST Council to maintain a 28% tax on online real-money games, has taken the unfortunate step of laying off 350 employees in August 2023.
“Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on Gross Gaming Revenue. The new rules will increase our tax burden by as much as 350-400%. As a business, we can prepare for a 50% or even 100%increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” In an email addressed to the company’s employees, Srinivas, the founder and CEO of MPL, conveyed his message.
MPL – Challenges
Throughout the years since its launch, MPL has undergone numerous challenges. Establishing itself in the competitive industry of online and fantasy gaming is an unbelievable feat in itself, and it challenges the company continually.
Rollbacks
Along with announcing the 10% workforce layoff, MPL has also announced the rollback of its Indonesia operations. MPL has also stated that it will be doing away with the streaming product on its MPL app.
Karnataka banned MPL and other Online Fantasy Games
Mobile Premier League, Paytm First Games, and RummyCircle-like mobile gaming platforms that deal with real money had to suspend their services in Karnataka following the enactment of the state legislation that prohibited money wagering and betting in online games on October 5, 2021.
Apps like MPL and others were previously ruled as “games of skill” by one too many courts of India. However, this law, which is declared as a part of an amendment of the Karnataka Police Act, was enacted to ban all forms of online gambling and betting platforms. The offenders of the law, as announced on Tuesday, will henceforth be subjected to a maximum imprisonment of 3 years or a fine of up to Rs 1 lakh.
Soon after the law came into effect, MPL’s services were suspended in Karnataka on Wednesday, where the users of MPL are now greeted with the message, “Sorry! The law in your state does not permit you to play Fantasy sports” if they open the app. Though RummyCircle and Nazara’s HalaPlay had also updated their respective messages to inform their users regarding the ban of their services in the state, Dream11 still ran smoothly on October 6th, and it is still unclear whether they too have suspended their services.
Mobile Premier League Following the decision by the GST Council to maintain a 28% tax on online real-money games, the company has taken the unfortunate step of laying off 350 employees in August 2023.
Srinivas explained that the firm’s major variable costs encompass people, servers, and office infrastructure. He emphasised that in order to ensure survival and maintain business viability, it is imperative to reduce these expenditures.
“Last week, it was confirmed that a 28% GST will be levied on the full deposit value rather than on Gross Gaming Revenue. The new rules will increase our tax burden by as much as 350-400%. As a business, we can prepare for a 50% or even 100% increase, but adjusting to a sudden increase of this magnitude means we need to make some very tough decisions,” In an email addressed to the company’s employees, Srinivas, the founder and CEO of MPL, conveyed his message.
MPL – Future Plans
MPL plans to grow by attracting more users and expanding into new markets. They will add more popular games to attract a wider audience and improve the platform to make it easier to use and more fun to play. They want to build a strong gaming community where players can learn and compete. To go global, they plan to enter new markets and partner with local organizers for events. MPL will also work with game developers to improve the platform and collaborate with sponsors to grow the business. They will invest in research to create new gaming experiences and stay updated with gaming trends.
FAQs
Who is MPL founder?
Galactus Funware Technology Pvt Ltd. is the parent company of MPL. MPL was co-founded by Sai Srinivas Kiran and Shubham Malhotra.
Who is the CEO of MPL?
Sai Srinivas Kiran G is the co-founder and CEO of MPL.
MPL is which country’s app?
Mobile Premier League (also known as MPL) is a mobile e-sports platform based in India. The unicorn startup is headquartered in Bangalore, Karnataka.
What is MPL business model?
MPL’s business model is based on real-money gaming, where users pay entry fees to participate in tournaments. It earns through in-app purchases, ads, and partnerships with game developers and sponsors.
How does MPL make money?
MPL makes money through entry fees for tournaments, in-app purchases, ads, and partnerships with game developers and sponsors.
Who is MPL Parent Company?
Galactus Funware Technology Pvt. Ltd. is a private company incorporated on 22 May 2018. It is classified as a ‘subsidiary of foreign company’ and is registered at the Registrar of Companies, Bangalore.
When was the Mobile Premier League founded?
The Mobile Premier League was founded in 2018.
How much money does MPL give?
For a simple game on MPL, the average entry fee is around INR 15 and you can win around INR 200 from it. You can also earn money by referring MPL’s games to your friends.
Is MPL App legal?
MPL app is an e-sports platform and has always been legal in India. However, according to the recent enactment of the state legislation, which banned money wagering and betting, online fantasy gaming apps like MPL, Paytm First Games, RummyCircle, and more was illegalized in the Indian state of Karnataka, as reported on October 5, 2021.
Is MPL KYC Safe?
MPL is certified by Master Card and Visa as a secure platform.
What are the Mobile Premier League games?
The Mobile Premier League games can be categorised into fantasy sports, card games, arcade games, action games and more.
Majorana 1, the first quantum chip in the world constructed using a novel Topological Core design, was unveiled by Microsoft. This invention is a major step towards creating quantum computers that can solve challenging real-world issues in a matter of years as opposed to decades as previously predicted. Utilising the world’s first topoconductor—a groundbreaking substance that makes it possible to observe and manipulate Majorana particles—is essential to this development.
The basic building blocks of quantum computers, qubits, can be made more robust and scalable because of this feature. Microsoft compares the potential of transistors to revolutionise quantum computing to the development of semiconductors, which transformed modern electronics. According to the business, transistors and the chips they enable open the door to quantum systems that can scale to a million qubits, enabling the solution of the most difficult societal and industrial issues. Microsoft said that this new architecture, which was utilised to create the Majorana 1 processor, provides a clear way to fit a million qubits on a single chip that is small enough to fit in the palm of one’s hand.
Why Topoconductor is a Key Element?
One special class of material that can create a completely new state of matter is the topoconductor, also referred to as a topological superconductor. This state is a topological state rather than a typical solid, liquid, or gas. Microsoft is using this special characteristic to develop a qubit type that is more reliable and stable. Significant benefits of this “topological qubit” are its speed, compactness, and digital control without the trade-offs of existing qubit designs. According to Microsoft, this innovation necessitated creating a whole new materials stack composed of aluminium and indium arsenide, much of which the business designed and manufactured atom by atom. According to Microsoft, the objective was to induce the creation of new quantum particles known as Majoranas and utilise their special characteristics in order to advance quantum computing.
The Design of the Chip
Beside a quantum dot, the chip’s qubits are made up of two nanowires connected by a third wire. This tiny semiconducting crystal dot is essential for data reading. By projecting microwaves onto the quantum dot and observing how they bounce back, one may quantify changes in the qubit’s capacitance brought on by the formation of Majorana zero modes. The significant mistake rates of existing quantum devices are allegedly addressed by the Majorana 1’s architecture, which promises increased reliability. It is said that the mistake frequency of Microsoft’s topological qubits is far lower, happening once every millisecond. Future scalability is supported by the chip’s design; Microsoft has shown a way to accommodate one million qubits on a single chip, which could exceed current quantum machines.
Microsoft claimed that its qubit architecture, which is powered by quasiparticles, “offers a clear path to fit a million qubits on a single chip” in the future, opening the door for major breakthroughs in the capabilities of quantum computing. Microsoft expanded Azure’s portfolio to more than 1,800 AI models for developers and companies in January 2025 when it incorporated China’s DeepSeek R1 AI model into its GitHub and Azure cloud platforms.
Nitin Konde
