- MPL more than doubles valuation after being pegged at US$945m in February
- New funding to boost international expansion, support growth in India and help develop software
- Company claims it has 85m registered users, including 75m across India and Indonesia
India-based mobile gaming and esports platform Mobile Premier League (MPL) has been valued at US$2.3 billion following its Series E funding round.
The round was led by Dubai-headquartered investment firm Legatum Capital, with Business Standard reporting MPL raised US$150 million.
The fresh capital will be used by the company to fuel global expansion, support further growth in India and develop software.
MPL says it currently has 85 million registered users, 75 million of which are based in India and Indonesia. It was valued at US$945 million in February after raising US$95 million in a Series D round.
The company produces mobile games that allow users to play against each other with real money at stake. The offering has proved particular popular in MPL’s native India, where people are more likely to only own a mobile phone, rather than a games console or PC, making it their nearest touchpoint for gaming and esports.
MPL has already made inroads into international markets, including launching in the US in July. Front Office Sports notes that the company is targeting 300,000 users and US$100 million in gross merchandise value in the US by the end of 2021.
Earlier this year, MPL acquired esports firm GamingMonk to develop a full suite of competitive gaming and livestreaming capabilities. The platform also has a partnership with Play Magnus Group, founded by World Chess champion Magnus Carlsen, to launch the MPL Indian Chess Tour.
Away from gaming, MPL’s most significant play in the traditional sports space came last November when it replaced Nike as the apparel sponsor of the Indian national cricket team. It has also collaborated with Indian Premier League (IPL) franchises Royal Challengers Bangalore and the Kolkata Knight Riders.
Other notable investors in MPL include India’s cricket captain Virat Kohli, who also serves as a brand ambassador.
“This investment is a recognition of the potential of the Indian gaming and esports industry and an endorsement of the capability of MPL to expand globally,” said Sai Srinivas, co-founder and chief executive of MPL.
“MPL’s proven success in India and Indonesia encouraged us to launch in the US, one of the world’s largest gaming markets. Our US operations are off to a promising start. We’re thus fulfilling our resolve to make our platform the esports and gaming hub of the world.”