by Mobile Premier League (MPL), a popular Indian fantasy sports and gaming platform, has laid off 350 employees. The layoffs come after the Indian government revised the Goods and Services Tax (GST) on online gaming to 28% from 18%.
The layoffs are a major blow to MPL, which is one of the largest gaming platforms in India. The company has over 100 million users and is backed by investors such as Sequoia Capital India, Tiger Global Management, and SoftBank Vision Fund.
The revised GST on online gaming is expected to increase the cost of doing business for MPL. The company is likely to pass on the increased costs to its users in the form of higher fees. This could lead to a decline in user traffic and revenue for MPL.
The layoffs are also a sign of the tough times that the Indian gaming industry is facing. The industry is growing rapidly, but it is also facing challenges from the government. The revised GST on online gaming is one of the biggest challenges facing the industry.
The layoffs at MPL are a wake-up call for the Indian gaming industry. The industry needs to find ways to reduce its costs and become more efficient. It also needs to lobby the government to reduce the GST on online gaming. Otherwise, the industry could face more layoffs in the future.
