Fresh Capital secured by Mobile Premier League
Mobile Premier League (MPL), a gaming startup, has raised fresh capital amounting to approximately $100 million. With this, the valuation of the company has doubled, reaching around $800 million. Sai Srinivas, the CEO, and co-founder of MPL has confirmed the news but has not shared much details about the fundraising. The team of investors includes Telstra Ventures, Moore Strategic Venture, and Composite Capital. Apart from them, there were also a few backers who took part in the entire process. When the formal round of funding gets completed, the total investment of MPL will reach around $230 million.
About Mobile Premier League:
A popular and well-known online gaming platform, MPL provides a wide variety of real money games that include rummy, chess, ludo, poker, 3D pool, carrom, and fantasy sports. It derives a good portion of the business from fantasy sports, which relies heavily on offline sports events. Presently, the company is looking forward to expanding its business and reach the thriving markets of Japan, South Korea, and North America. It would be concentrating on various social functions, including live streaming. The focus would also be on the improvement of audio and video content.
The growth of MPL:
Online gaming based on real money had received an enormous boost during the Covid-19 lockdown when people stayed at home and invested more time and funds in gaming. As a result of this, the growth of MPL had been immense from March to September 2020. It had also witnessed a massive increase in its Gross Merchandise Value (GMV). On 21st September 2020, the valuation of the company was around $450 million. The amount has gradually doubled since then. Previously, MPL had investors such as Times Internet, Go Ventures, and Sequoia India. The present competitors of MPL are Mega, WinZo, and Dream11.
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