Mobile Gaming Startup MPL Raises $100 Million In Funding From Composite Capital, Others

• The mobile gaming startup has raised this funding at a valuation of around $800 million.
• Investors Composite Capital, Moore Capital, Telstra Ventures, among others participated in the funding round.
• In September 2020, MPL had raised $90 million in funding from SIG, RTP Global, MDI Ventures, and Pegasus Tech Ventures.

Bengaluru-based mobile fantasy sports startup Mobile Premier League (MPL) has raised close to $100 million (or about Rs 728 crore) in a fresh funding round led by Hong Kong-based Composite Capital, Moore Capital, Telstra Ventures, among other existing investors, at a valuation of around $800 million.

The latest funding round has almost doubled the valuation of the startup from $450 million to $800 million, ET reported.

In September 2020, MPL had raised $90 million as part of its Series C funding round, which was co-led by SIG and early-stage tech investor RTP Global, along with MDI Ventures and Pegasus Tech Ventures. At that time, The startup valuation stood at $450 million.

Following this round, To date, MPL has raised over $230 million (equivalent to Rs 1,676 crore) in funding. With its immense growth, It has attracted marquee investors such as Sequoia Capital, RTP Global, among others.

“We invested in MPL at an early stage because we saw the team had the ability to become the dominant platform in the region’s online gaming sector," said Galina Chifina, Managing Partner at RTP Global, an early investor.

Founded in 2018 by Sai Srinivas and Shubham Malhotra, Galactus Funware Technology Pvt. Ltd., which operates MPL, an online skill-based mobile gaming platform that offers more than 60 real money games such as fantasy sports, rummy, poker, chess, ludo, carrom, Fantasy Cricket, etc.

Due to the COVID-19 lockdown, the Indian gaming industry has seen a substantial boost in growth. With over 350 million gamers, India sits among the top five gaming markets globally.

Further, Mobile Premier League (MPL) is funded by marquee investors, including Sequoia Capital India, Times Internet, RTP Global, SIG, Go Ventures, Base Ventures, Pegasus Tech Ventures, BEENEXT, among others.

It competes with other major fantasy sports platforms such as Dream11, WinZo, Mega, MyTeam11 Fantasy Sports, among several others.

UPDATE - MPL has raised $95 million in funding at a valuation of $945 million, making it close to become a unicorn startup. Read more here.

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