Esports and the Mobile Premier League (MPL) skills application program is the latest launch of the Indian unicorn, raising $ 2.3 billion in Series E funding.
The investment cycle was led by Legatum Capital with the participation of existing investors including Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures, and Founders Circle Capital. The size of the investment was not disclosed.
The company plans to use the funds raised to fund its global expansion, to invest in technology and strengthen its track record in the Indian market.
“This investment is a testament to the potential of the Indian sports and sports sector and the recognition of the growing MPL’s global potential. The proven success of the MPL in India and Indonesia has prompted us to launch in the US, one of the largest sports markets in the world. Our operations in the US have started promisingly and we are fulfilling our commitment to make our platform a playground and playground, ”said Sai Srinivas, co-founder of Co-CEO and MPL.
The start-up from Bengaluru ended up costing $ 945 million while earning $ 95 million led by Composite Capital and Moore Strategic Ventures.
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“Legatum investment in the MPPL is another example of our investment strategy in world-class teams that build global companies that define the industry and serve customers with integrity,” said Legatum CEO Mark Stoleson, who has joined the company’s board.
Founded in 2018 by Shai Srinivas and Shub Malhotra, the MPL claims to offer more than 70 games in various categories. It allows users to compete in a variety of ways, including head-to-head matches or in a free competitive game or small cash prize. It says it has over 85 million users in India, Indonesia and the United States. The gaming platform has more than 800 employees at all offices in Bangladuru, Pune, Jakarta, Singapore and New York. It re-entered the US market in July.
In April, it also acquired New Delhi company GamingMonk to expand its launch portfolio by launching Esports Arena hosting Esports midnight tournaments in some of its market games such as Chess, WCC, and Pool among others.
The MPL is the second play bird in the country. Rival Dream11 received a second $ 400 million sponsorship cycle led by TCV, D1 Capital Partners and Falcon Edge in March this year, the company is estimated at $ 5 billion.
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India is currently the world’s largest gaming download market with 840 million installations in June, according to app spy company Sensor Tower.
