Popular online gaming platform Mobile Premier League (MPL) has become India’s second gaming unicorn after raising funds at a pre-valuation of $2.3 billion.
The Series E funding round was led by Legatum Capital with participation from Accrete Capital, Gaingels LLC and its existing investors including Moore Strategic Ventures LLC and RTP Global. Although the amount of the funding wasn’t disclosed, sources familiar with the matter said that MPE raised $150 million.
Founded in 2018 by Sai Srinivas Kiran G, Shubh Malhotra and Shubham Malhotra, Mobile Premier League is currently the largest online gaming platform in India, one of the fastest growing game markets where the total game downloads surpassed 840 million in June alone, according to Sensor Tower.
The app platform, which allows users to play more than 60 titles and win real money from gaming competitions, is also highly popular in Indonesia and the United States.
MPL made its debut in Indonesia in 2019 where it now has more than 5 million active users. It was launched in the US market in July and the startup said it’s targeting 300,000 users and more than $100 million in gross merchandise value by the end of 2021.
MPL currently has nearly 80 million users in total and 10 million of them spend money on the platform, the startup said.
The company plans to use the funding money to enrich its game library by adding new titles, grow its audience in the Indian market, expand its business into the international market and invest in homegrown technologies.