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MPL Close To Become Unicorn After Raising $95 Million From Composite, Others

Vivek Vishwakarma
04 Feb 2021
New Update
MPL Close To Become Unicorn After Raising $95 Million From Composite, Others

MPL close to become unicorn startup

  • Mobile Premier League (MPL) has raised $95 million in funding from Composite Capital and Moore Ventures.
  • Other investors, including Base Ventures, RTP Global, Go-Ventures, Telstra, Founders Circle, and Play Ventures also participated in the funding round.
  • The round has doubled down the valuation from $450 million to $945 million.

Bengaluru-based mobile gaming startup Mobile Premier League (MPL), on February 4, said that it has collectively raised $95 million (or about Rs 692 crore) in a Series D funding round at a valuation of $945 million, making it close to become a unicorn startup.

Investors, including Hong Kong-based Composite Capital, Moore Strategic Ventures, Base Partners, RTP Global, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures, participated in the funding round.

The round has doubled down the valuation when it raised $90 million in September last year at a valuation of $450 million.

The startup will use the funding to expand its e-sports portfolio as well as to organize more e-sports tournaments at both the national and international levels. Additionally, it also will look forward to accelerating the overseas expansion this year.

Before this round, 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. 

Following this funding round, The startup has racked up a total of $225 million (equivalent to Rs 1,640 crore) in funding from marquee investors such as Sequoia Capital, RTP Global, Base Ventures, BEENEXT, among others.

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.

Commenting on the latest fundraise, Sai Srinivas, Co-Founder & CEO, MPL, said, "This fresh funding will help us focus on our core value propositions - a robust platform with the best features for gamers and onboarding the best eSports titles. The e-sports community in India is thriving, and we believe this is the perfect time to take Indian-made games to the world as well as help Indian gamers get recognized for their talent." ET reported.

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“As an industry leader in the gaming market, we believe the company will continue to innovate and drive the evolution of eSports, both in India and internationally,” said Kanush Chaudhary, Managing Director, Composite Capital.

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.

“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.

Last week, MPL had raised $500K from existing employees under its Employee Investment Plan. It currently has around 500 employees across India, Singapore, and Indonesia.

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

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