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Mobile Premier League (MPL) closed a Series D funding round with $95 million led by Composite Capital and Moore Strategic Ventures.
India’s largest eSports and mobile gaming platform Mobile Premier League (MPL) is allegedly in talks with different investors including crypto exchange FTX to raise capital. News outlet TechCrunch has learned that from three sources who are familiar with the matter at hand.
“MPL, which counts Sequoia Capital India and RTP Global among its existing backers, has been looking to raise the new investment as an extension to its Series E round at a $2.5 billion valuation,” one of the sources said.
The company has over 90 million global users and is reportedly seeking to venture into Web3 categories, out of which, the company recently disclosed that it has had over 5 million monthly active paying users. Notably, the company indicated that each user contributes an average of $5 per month.
The Indian startup has had notable backing from a dozen of global investors. Last year, Mobile Premier League (MPL) closed a Series D funding round with $95 million led by Composite Capital and Moore Strategic Ventures. Following the closure of the Series D funding round, the company was valued at approximately $945 million.
MPL and Possible Partnership with FTX
Mobile Premier League (MPL) has been a successful venture thanks to the increasing gaming demography. Furthermore, India is one of the most populated places in the world. Additionally, the young generation who are computer literate takes up a significant percentage.
Indeed, global tech companies have been eyeing the Indian market. Online traffic is high in India with people preferring online shopping on the rise.
The possible partnership between FTX and Mobile Premier League (MPL) indicates plans to venture into the blockchain gaming world. The GameFi industry has ballooned in the past few years fueled by the Covid crisis.
“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 eSports titles. 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,” said Sai Srinivas, co-founder, and chief executive of MPL, in a statement.
Notably, MPL offers 60+ games for free download in categories such as fantasy sports, card games, arcade games, puzzle games, and action games.
The Indian market has attracted notable crypto market investors including Binance. The country has also enacted different policies that attract international crypto investors.
A study by Global Crypto Adoption Index shows India currently ranks second when it comes to adopting cryptocurrency globally.