Indian esports startup Mobile Premier League (MPL) is a new entrant to the prestigious unicorn club, post raising around $150 Mn at a valuation of $2.3 billion. The Series E funding round was led by Legatum Capital with participation from Accrete Capital and Gaingels LLC.
Existing investors, including Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures, and Founders Circle Capital also participated in the round.
The raised funds will be utilised for its expansion worldwide, investment into its home-grown technology, and power continuous growth in the Indian esports market.
Launched in 2018 by three IIT alumni, Sai Srinivas, Kiran G and Shubham Malhotra, the eSports start-up provides multiple gaming options such as skill-based games like daily fantasy sports and chess to casual games such as 8 Ball Pool and Fruit Ninja.
The Bengaluru-based company is operational with offices in Pune, New Delhi, Jakarta, Singapore and New York. Currently, MPL has 85 Mn users in India, the US and Indonesia. Over the years, the startup has teamed up with several game developers and added more than 70 games to its platform.
In April this year, MPL acquired New Delhi-based esports streaming platform GamingMonk, to develop a full suite of esports and live streaming capabilities.
In September, the platform announced a partnership with the Play Magnus Group, founded by Chess superstar Magnus Carlsen. Through this partnership, it will host the official Indian Circuit for players to prepare for the Meltwater Champion Chess Tour. This marks the first-ever regional expansion for the Champion Chess Tour.
Sai Srinivas, Co-founder and CEO of MPL said, “This investment is a recognition of the potential of the Indian gaming and esports industry and an endorsement of the capability of MPL to expand globally. MPL’s proven success in India and Indonesia encouraged us to launch in the US, one of the world’s largest gaming markets. Our US operations are off to a promising start, and we’re thus fulfilling our resolve to make our platform the esports and gaming hub of the world,”.
Mark Stoleson, CEO of Legatum and the new Board Member at MPL, said, “Legatum is delighted to have led this latest round of funding for MPL as it continues its incredible growth trajectory and becomes the world’s leading esports and skill gaming platform. It is an honour to support Sai, Shubh, and the outstanding team at MPL, and to join the other world-class investors in building a company that provides a top-class gaming experience for users, unmatched distribution for developers, and a commitment to building a company with the best global talent and a winning culture.”