Esports and mobile gaming platform Mobile Premier League (MPL) raised $90 million (about ₹61.3 crores) Series C round funding led by SIG and early-stage tech investor RTP Global, along with MDI Ventures and Pegasus Tech Ventures.
MPL’s existing investors Sequoia India, Go-Ventures and Base Partners also participated in the Series C round, a statement said. Times Internet is also an early investor in MPL.
According to the sources, MPL was valued between $350 million to $ 400 million pre-money. With the latest round, MPL’s total funding stands at $130.5 million.
“This capital will be used to further accelerate MPL’s dominant position in the gaming market, expand its product offering, and grow its team. The funding will also be used towards product development with a focus on social functions such as live streaming, and audio and video content features,” the statement said.
Since its founding in September 2018, MPL has added over 70 games on its platform, working with over 28 game developers and studios. Its user base has grown to over six crore users. The company has recorded over 2 billion cash transactions on the app till date.
MPL is currently present in India and Indonesia, with offices in Bengaluru, Jakarta, and Pune, and with a personnel strength of over 300.
“In a short time, MPL has taken the gaming market by storm, with our various offerings and partnerships, which have helped us stand out in the industry. This latest round of funding will enable us to entertain and connect an even larger audience across India and beyond,” Sai Srinivas, Co-Founder and CEO at Mobile Premier League, said.
“Being able to bring quality technology, competitive spirit and enjoyment to people in such an accessible way is what keeps us excited. The online gaming industry is seeing huge and increasing engagement; with this fresh capital injection being proof of MPL’s potential to lead and transform this space,” he added.
“I believe that esports will be inducted by the Olympics way before than cricket does. And the market cap of esports will most probably will exceed those of all physical sports combined in the next 10 years,” he said.
“Gaming has been one of the largest growing entertainment industries in the world, and we believe that mobile games have contributed to the major growth of this industry, especially in Asia. We are excited to provide continuous support with our partners as they strengthen their position both in their home market and in our home market, Indonesia,” Winston Adi, Head of Investments at MDI Ventures, said.
“We invested in MPL at an early stage because we saw the team had the ability to become the dominant platform in the region’s online gaming space. MPL’s growth over the past two years is a testament to the team’s vision and ability to realise this goal. Even in an environment as challenging as the current one, we are impressed with the success and accessibility of the platform concept – giving users a unique variety of experiences and social interaction. MPL’s track record speaks for itself, so we’re excited to support the team as they grow and expand,” said Galina Chifina, managing partner at RTP Global, in a statement.
Eduardo Latache, Partner, Base Partners, said, “The only thing more exciting than watching MPL grow at such a fast pace over the past year is to imagine what they will accomplish with the new capital infusion. We are thrilled to be with MPL right from the start as it becomes a major player in the mobile gaming industry.”