Sequoia backs $35.5m round for India gaming player
Mobile Premier League (MPL), an Indian e-sports gaming platform operator, has raised a $35.5 million Series A round from a group of investors including Sequoia Capital India.
Times Internet and GoVentures, an investment arm of Indonesia’s Go-Jek, also participated. They were joined by RTP Global, Beenext, Base Ventures, and Venture Highway. The capital will support a domestic expansion, including a new platform launch and product development.
MPL claims to have India’s largest mobile e-sports platform and fastest-growing app with more than 25 million installs since launch in October last year. Shailendra Singh, a managing director at Sequoia (India) Singapore described the company has having “industry leading growth and engagement metrics.”
The company provides access to all formats and types of competitive games, including skill-based sports, puzzles, and immersive experiences, as well as hundreds of tournaments and contests with real rewards. It has secured Virat Kohli, captain of the Indian national cricket team, as a brand ambassador.
“E-gaming has witnessed an exponential growth in India with the rapid penetration of digital infrastructure,” said Samir Sood, founder of Venture Highway. “In a short timeframe, MPL has shown tremendous growth, capturing a sizeable chunk of this market.”
Gaming is still an emerging investment segment in India. Previous activity includes a $74 million round for card gaming portal Head InfoTech and an investment of undisclosed size in social and casino gaming specialist Red Monster. Previous investments in this space by Sequoia include Moonfrog and Octro.
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