[Funding Alert] Sequoia-backed esports startup MPL raises $90M in Series C round
MPL's Series C round comes at a time when fantasy sports and mobile gaming are witnessing rapid growth in India. The two-year-old startup offers 70+ games on its app.
Esports and fantasy gaming startup Mobile Premier League (MPL) has raised $90 million in a Series C round led by SIG, RTP Global, along with MDI Ventures and Pegasus Tech Ventures. MPL's existing investors Sequoia Capital India, Go-Ventures, and Base Partners also participated in the round.
With the latest round, MPL's total funding stands at $130.5 million.
The fresh capital would be used to expand MPL’s product offering, with a focus on social functions such as live streaming, audio and video content features. MPL will also grow its team at a time when online gaming and fantasy sports are witnessing rapid growth that is poised to peak during IPL, which kicked off over the weekend.
Sai Srinivas, Co-Founder and CEO at Mobile Premier League, said,
“This latest round of funding will enable us to entertain and connect an even larger audience across India and beyond. Being able to bring quality technology, competitive spirit, and enjoyment to people in such an accessible way is what keeps us excited. The online gaming industry is seeing huge and increasing engagement; with this fresh capital injection being proof of MPL’s potential to lead this space.”
MPL offers more than 70 games on its app, claims to be one of India's fastest-growing mobile gaming platforms, and has added 60 million users in the last 18 months.
Galina Chifina, Managing Partner at RTP Global, said,
“We invested in MPL at an early stage because we saw the team had the ability to become the dominant platform in the region's online gaming space. 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."
Echoing him, Winston Adi, Head of Investments, MDI Ventures, added, “Gaming has been one of the largest growing entertainment industries in the world, and we believe that mobile games have contributed to the major growth of this industry, especially in Asia. We are proud of the innovation MPL has delivered competitive gaming to scale. We are excited to provide continuous support with our partners as they strengthen their position both in their home market and in our home market, Indonesia.”
MPL recently signed up as the ‘official sponsor’ for Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) — two of the most talked-about franchises in IPL.
"Of course, it’s not easy for a two-year-old startup to pull off any of these large partnerships, but it’s a reflection of our growth we’ve been able to have in a short span. We've grown 3-4X since pre-COVID-19 levels," Abhishek Madhavan, VP, Growth and Marketing, MPL, told YourStory, adding, "Some of the measurable outcomes we look at are brand recognition, mass awareness, and user trust at a mass level."
Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL has a 300-member team with offices in Bengaluru, Pune, and Jakarta. It has also partnered with multiple gaming studios and game developers to publish their titles on its platform.
Edited by Saheli Sen Gupta