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Real money gaming firm Mobile Premier League (MPL)recorded $104.6 million in revenue from operations in FY23, a 63% increase from $64 million in FY22.

The company also sharply narrowed its losses to $37.04 million as per data from its Singapore filings, down from $194.47 million in FY22. A shift in marketing strategy and the optimisation of infrastructure costs were part of the reason the company was able to shrink its losses this year, it said in a statement.

Founded in 2018, MPL, headquartered in Singapore, develops internet-based games, and its primary business is operating games based in India. It received the coveted unicorn status in 2021 after raising a Series E round of $150 million at a $2.3 billion valuation.

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The company’s India entity posted Rs 814.2 crore in revenue from operations in FY23—a 35.56% jump from Rs 600.6 crore in the previous fiscal. MPL said Rs 521.78 crore accounted for the revenue from India up from Rs 424.3 crore in FY22.

Earlier this year, MPL also carried out a slew of layoffs in August—with the company letting go of as many as 350 employees. Co-founder Sai Srinivas cited the new GST regulations as a reason for the layoffs in an email to employees, adding that the move could increase the tax burden on the company by 350-400%. For context, starting October 1, 2023, the Indian government has imposed a 28% GST on real-money gaming.

The year also marked the MPL’s first foray into African markets in collaboration with Carry1st, a leading gaming firm in the continent, the company said in a statement.