Mobile gaming platform 'MPL' raises $75 million in fresh financing round
Since the number of people turning towards gaming for entertainment is increasing by the day, venture capitalists are showing interest in online gaming companies. In turn, this has given rise to a trend which is showing no signs of slowing down.
MPL or Mobile Premier League is a mobile gaming platform founded by Sai Srinivas Kiran Garimella and Shubham Malhotra in September 2018. The app was launched on the Play Store in October 2018 and on App Store in February 2019.
SIG Global India Fund leads the charge
Reported by eintrackr, MPL has raised $75 million in a fresh financing round in which $34 million were put in by SIG Global India Fund. This comes after Dream11, a Mumbai based fantasy sport startup received funding of $225M.
Apart from SIG Global, other contributors include Sequoia Capital and RTP Global who invested $11.5 and $12.5 million respectively in MPL’s holding company M League. GV Games has put in $9 million and MDI Ventures and CE Ventures’ followed with $5 million and $2 million respectively.
Mobile Premier League has raised $110 million across three institutional rounds which includes this round. In April 2019, MPL had raised $35.5 million from lead investors Sequoia Capital, Go Ventures and Times Internet.
MPL offers different game formats to a large audience
In April 2019, MPL partnered with PhonePe which allowed users to play 'MPL SuperTeam', the fantasy cricket game which gave MPL a larger audience reach.
After signing up on MPL, users can choose to play from three different formats- Tournaments, 1 v/s 1 battles and Fantasy Sports. Users can play these games and win cash prizes in return.