India gaming platform MPL gets $95m Series D
Mobile Premier League (MPL), an Indian mobile gaming platform that matches users for competitive play, has raised a $95 million Series D round at a post-money valuation of $945 million.
Hong Kong’s Composite Capital and US-based Moore Strategic Ventures led the round. RTP Global, SIG, Go-Ventures, Base Partners, Telstra Ventures, Founders Circle and Play Ventures also participated.
It follows a $90 million Series C last year led by SIG, RTP, MDI Ventures, and Pegasus Tech Ventures that also included Sequoia Capital India. Total funding since the start-up’s inception in 2018 now stands at $225.5 million.
MPL brands itself as Asia’s largest e-sports and mobile gaming platform, with 60 million users in India and 3.5 million in Indonesia. The platform includes more than 70 games for Android and iOS applications. There is a strong focus on fantasy sports and games based on traditional sports – especially cricket – as well as card games and board games. Organized tournaments with cash prizes for amateur players are part of the offering.
COVID-19 has had a mixed impact on e-sports with the cancellation of many live gaming events offset by rising interest in online forms of entertainment. This dynamic played well with MPL’s approach to the industry, which emphasizes online play in the general public, rather than professional gaming teams appearing at physical events. MPL claimed to stage India’s largest mobile e-sports festival late last year with 13,000 participants.
“As we grow our presence and expand, this fresh round of funds will help us focus on our core value propositions – a robust platform with the best features for gamers and onboarding the best e-sports titles,” Sai Srinivas, co-founder and CEO of MPL, said in a statement. “The esports 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.”
The global e-sports industry is expected to be worth more than $300 billion by 2025, with Asia representing most of the growth. According to GlobalData, 10% of the global online population already participates in the industry despite estimates that e-sports account for only 1% of the overall $200 billion sports market. Significant players in the Indian market also include Dream Sports, a fantasy sports specialist that has attracted funding from TPG and Tiger Global Management.
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