MPL Secures $95 Million in New Funding

Mobile Premier League (MPL) has successfully obtained $95 million in a recent financing round. This investment arrives only five months following a previous $90 million funding injection, as the Bangalore-based esports and gaming platform aims to broaden its reach into global markets.

Series D Funding Details

This latest funding round, designated as Series D, was spearheaded by Composite Capital and Moore Strategic Ventures. It has resulted in a post-money valuation of $945 million for the Indian startup. Previously, in September, MPL was valued at approximately $465 million.

Additional participants in this round included Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures. The total funding raised to date now amounts to $225.5 million.

Platform Overview and User Base

MPL functions as a dedicated gaming platform, hosting a diverse array of tournaments. The application has garnered a substantial user base, exceeding 60 million users in India and reaching 3.5 million users in Indonesia.

Notably, MPL also operates as a publishing platform for other gaming developers. The platform currently features around 70 games spanning various sports, though MPL itself does not engage in game development.

Strategic Vision and Growth Plans

“This new capital will enable us to concentrate on strengthening our core strengths – providing a robust platform with superior features for gamers and integrating top-tier eSports titles,” stated Sai Srinivas, co-founder and CEO of MPL.

He further added, “The Indian esports community is flourishing, and we are confident that now is the opportune moment to showcase Indian-developed games globally, while also providing recognition for the talent of Indian gamers.”

Fantasy Sports and Pandemic Resilience

The company also provides fantasy sports options, a segment that has experienced significant growth across India in recent years. Despite the disruption caused by the coronavirus outbreak and the suspension of many real-world sporting events, MPL’s growth has remained unaffected, as fantasy sports represents only a portion of its overall business.

Navigating the Play Store Restriction

MPL’s success is particularly noteworthy given that its application is not available on the Google Play Store. Google’s Android operating system, which powers the vast majority of smartphones in India, prohibits fantasy sports applications from being listed on the Play Store within the Indian market.

Past Achievements and Growth Trajectory

Abhishek Madhavan, SVP of Marketing at MPL, highlighted the company’s rapid growth in a previous statement: “We’re competing with established companies with substantial resources, yet the team has achieved remarkable results in a short period.”

He added, “MPL was the fastest app to reach 1 million Daily Active Users (DAU) in India when we were on the Play Store!”

Madhavan also pointed to the strategic decision to sign Virat Kohli when the company was only three months old, and the initial skepticism surrounding growth prospects after being removed from the Play Store.

Future Investments and Expansion

The newly acquired funds will be allocated towards organizing more esports tournaments within India and accelerating the company’s international expansion efforts throughout the current year. Recently, MPL hosted the College Premier League, which attracted over 13,000 gamers from more than 100 colleges.

Investor Confidence

“We are pleased to collaborate with the MPL team and support their continued expansion,” commented Kanush Chaudhary, Managing Director of Composite Capital. “As a leading force in the gaming industry, we anticipate the company will continue to innovate and drive the evolution of eSports, both in India and on a global scale.”