I will start. Don't ask me to prove anything.
The CEO of MPL bought a ~20cr house in embassy grove, Bangalore just before laying off 50% of the MPL team this week.
VC funded Live streaming apps like rooter, eloelo, are basically frauds. Get tonnes of cheap users by running ads that look like porn, the real engagement is really bad unless they do giveaways. They use VC money to show porn ads and do giveaways, brag about downloads & engagement to raise even more VC money. It's a total ponzi.
MPL was planning a big offsite for the whole team to GOA. Cancelled after the 28% announcement.
Penetration is really high in tier 2-3 cities with average people playing for 1000s per week. Their marketing is targeted to lower income individuals specifically.
They recently went to USA with games like snakes and ladders, bingo, etc and are targeting Latinos, blacks and other ethnic minorities specifically to generate more GMV. They are following the lottery logic that lower the household income higher the wise to try your luck.
Their monthly spending on US marketing is around usd 100k and they are getting profitable in that territory
$100k per month in USA is a really small budget compared to what they spend in India.
Overall it sounds predatory. But the only startups that seem to work in the domestic market have the same target demo.
Man stop with this daily motivation to become a founder
Every time I read news about edtech and RMG companies.. I regret not starting a startup in 2020. Could have scammed a few crores.
Probably the second greatest missed opportunity after not buying into the 2020 market crash. Any random stock purchased in 2020 April would have given stupendous returns..
Money corrupts. Absolute money corrupts absolutely.
So sad to see the pathetic ethical mindset, widespread in startups nowadays.
How’s the penetration of RMG in non-tier1 cities?
What does RMG mean here ? Real Money Gaming ?
Yes
MPL didn't even waited for few month to layoff they just did it within a month after the govt announced looks like they just wanted to ride layoff ride as they were already in loss
Point 2 is point on. They don’t pay or honour the give away winners. And on bigger scheme of events when they’re giving out grand prizes they choose winners amongst employee circles and make up winners. Porn ads with HnB creators are used to sexually entice downloads from tier 2 & 3 , but once user is on app after clicking on said ads they barely find what they came for, lol. Hence poor retention.
Only spot events such as runout and wickets can be fixed during a cricket match.
Today raised $22m series B.
No revenue.
Video streaming app with Less than 1m daily users in india is valued over $100m... So every random person in india is worth over $100? Lol.
Competition, Chingari, Rooter, both in trouble....
which are some real companies that came out of VC boom in last 10y in India? Flipkart, Freshworks, Ola, InMobi, Zoma...
Holy shit. Truth bombs all around.
With govt breathing down neck of all gaming RMG cos heard some big names are leaving
