MPL, a gaming app founded by IITian only three years ago, has become a unicorn.
Published: Wednesday, September 15, 2021
- MPL intends to utilise the cash to support worldwide expansion, invest in technology, and expand its presence in India, which was the world's largest market for game downloads in June, with an estimated 840 million installs.
Mobile Premier League (MPL), an
esports and skill gaming app, has become India's latest startup unicorn,
collecting $2.3 billion in Series E funding.
Sequoia, SIG, RTP Global,
Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra
Ventures, and Founders Circle Capital led the investment round, with
participation from existing investors including Sequoia, SIG, RTP Global,
Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra
Ventures, and Founders Circle Capital. The amount of money invested was not
revealed.
The cash obtained will be used to
fund the company's worldwide expansion, technology investments, and entry into
the Indian market.
“This investment acknowledges the
potential of the Indian gaming and esports industries, as well as MPL's
capacity to expand worldwide. Because of MPL's demonstrated success in India
and Indonesia, we decided to expand into the United States, one of the world's
largest gaming marketplaces. Our US operations are off to a good start, and
we're on our way to becoming our platform the world's esports and gaming hub,”
said Sai Srinivas, MPL's co-founder and CEO.
When Composite Capital and Moore
Strategic Ventures led a $95 million fundraising round, the Bengaluru-based
firm was valued at $945 million.
"Legatum's investment in MPL
is just another illustration of our approach to invest in world-class teams
developing world-scale firms that create categories and service consumers with
integrity," said Mark Stoleson, CEO of Legatum, who has also joined the
company's board of directors.
MPL, which was founded in 2018 by
Sai Srinivas and Shubh Malhotra, promises to have over 70 games in various
categories. Users can participate in a variety of formats, such as head-to-head
matches or tournament play, for free or for a nominal charge in order to win
money. In India, Indonesia, and the United States, it claims to have over 85
million users. Over 800 people work for the gaming platform, which includes
operations in Bengaluru, Pune, Jakarta, Singapore, and New York. In July, it
made its debut in the United States.
It also purchased GamingMonk in
New Delhi in April to extend its esports portfolio by establishing Esports
Arena, which organises biweekly Esports competitions in some of its flagship
games like Chess, WCC, and Pool, among others.
MPL is the country's second
gaming unicorn. In March of this year, rival Dream11 raised $400 million in a
secondary fundraising round headed by TCV, D1 Capital Partners, and Falcon
Edge, valuing the firm at about $5 billion.
According to app analytics
business Sensor Tower, India is presently the world's largest market for game
downloads, with 840 million instals in June.