In a new financing round, Mobile Premier League (MPL) raised over $100 million, which now puts the company’s total value close to $800 million. Investors including Composite Capital, Telstra Ventures, and Moore Strategic Ventures led the new fundraise. There was also participation from a group of their existing benefactors. MPL is a gaming platform that offers more than 70 real money games like fantasy sports, poker, rummy, chess, ludo, carrom etc.
According to a news report by the Economic Times, MPL’s valuation had almost doubled from its previous round in 2020, which valued the company at $450 million. The online gaming startup had investors like SIG Global, MDI Ventures, Pegasus Tech Ventures, and RTP Global at that time. Their early backers also included Go-Ventures, Sequoia India, and Times Internet.
MPL’s total investment raise will now go up to $230 million once the funding round has been made official. No details about the fundraise was given by Sai Srinivas, co-founder and CEO of MPL. But he did state that the valuation was just shy of a billion dollars.
The real money gaming (RMG) industry recorded a huge growth in the last year as people had to stay home during the pandemic lockdown. Startups like Dream11, Mega, and Winzo were among MPL’s biggest competitors. In the previous year, MPL’s growth quadrupled and hit over $1 billion in gross merchandise value (GMV), this was between March and September.
In September, the RMG mobile platform raised $90 million which was directed towards expanding the company into other markets in regions like South Korea, North America, and Japan. The funding also focused on developing and strengthening the social aspects of the platform which includes audio and video content and live streaming.