Mobile Premier League (MPL) has raised $90 million in a new financing round as the two-year-old Bangalore-based esports and mobile gaming platform grows its user base and looks to expand outside of India.
SIG, early-stage tech investor RTP Global, and MDI Ventures led MPL’s $90 million Series C financing round, with participation from existing investors Sequoia India, Go-Ventures, and Base Partners. The new investment brings MPL’s to-date raise to $130.5 million.
MPL operates a pure-play gaming platform that hosts a range of tournaments. The app, which has amassed over 60 million users and hosts about 70 games, also serves as a publishing platform for other gaming firms.
The Bangalore-based startup also offers fantasy sports, a segment that has taken off in many parts of India in recent years.
Because fantasy sports is only one part of the business, the coronavirus outbreak that has shut most real-world matches has not impeded the startup’s growth in recent months. The startup claimed it has grown four times since March this year and more than 2 billion cash transactions have been recorded on the app to date.
“Even in an environment as challenging as the current one, we are impressed with the success and accessibility of the platform concept – giving users a unique variety of experiences and social interaction. MPL’s track record speaks for itself, so we’re excited to support the team as they grow and expand,” said Galina Chifina, Managing Partner at RTP Global, in a statement.
But since an aspect of MPL is about fantasy sports, its app is not available on the Google Play Store. Google Play Store prohibits online casino, and other kinds of betting, a guideline Google reiterated last week as it pulled Indian financial services platform Paytm from the app store for eight hours. Sai Srinivas, co-founder and chief executive of Mobile Premier League, declined to comment on Google and Paytm’s episode.
In an interview with TechCrunch, he said the startup plans to expand outside of India in the following months. He did not name the new markets, but suggested that India’s neighboring countries will likely be part of it.
More to follow…