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Mobile Premier League (MPL), one of the most valued gaming platforms, has registered losses to the tune of about $149.3 million in FY22, from $48.3 million in FY21 -- a three times surge, media reports said on Tuesday.

According to an Inc42 report, M-League Pte Ltd, the Singapore-based parent company of MPL, saw its revenue from operations increasing just 29 per cent, to $65.6 million in FY22 from $50.8 million in FY21.

Total expenses at the gaming company MPL spiked 116.2 per cent to $215 million as advertising and promotional expenses went up 81 per cent (on-year), the report mentioned.

Founded in 2018, MPL hosts hundreds of millions of tournaments a month and is trusted by over 90 million registered users across India, Indonesia, Europe, and the US.

MPL is one of the leading mobile eSports platforms that allows users to participate in paid competitions across 60+ games in multiple categories, including mobile games, daily fantasy sports, quizzing, and board games.

In May last year, the online gaming platform laid off 100 employees and exited the Indonesia market over poor growth.

The current business metrics "do not justify further investments into this unit", according to an internal email sent by MPL co-founders Sai Srinivas and Shubh Malhotra.

"We have made the decision to wind down our Indonesia operations and shut down the streaming product on the MPL app. We have invested significant resources and capital over the last three years into our Indonesian operations," the co-founders had said.

"However, the return profile of Indonesia is several multiples lower than what we were and are seeing in India, or even in our nascent US business," they added.