MPL Raises $90 Million In Series ‘C’ Funding Amid IPL 2020 Rush

MPL Founders

Lockdownboredom was taken over by a plethora of online games. Free fire, poker, fruit chop, eight ball 3D,Carom, Ludo, chess were some of the most played games during the period. All the credit goes to the Mobile Premier League (MPL) to keep us away from the boredom.

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What is MPL?

Mobile Premier League is an online Indian platform with surfeit games. The e-sports platform is operated by Bangalore-based Galactus Funware Technology Private Limited.

It is a team of 300 hard-working members who operate the online content from offices in Bengaluru, Pune and Jakarta.

It has, after its raised funds, managed to steal the attention of gamers globally by introducing 80+ games during the lockdown.

The two-year-old start-up grew into a bigger platform, by 700%, for the game lovers during the lockdown. Dream 11, another e-sports platform is considered as the sworn enemy of MPL.

It was found in September 2018 by creative minds-Sai Srinivas, Kiran Garimella, and Shubham Malhotra. They worked with CREO while working on a side app mobile Premier League [MPL] that was soon launched in October 2018 on Google Play Store followed by the Apple App store in February 2019.

With brand ambassador, Virat Kohli, for a duration of a year from March 2019, MPL gained huge praise for their platform. KL Rahul was signed as the brand ambassador of the SuperTeam Fantasy Team Cricket league on MPL.

MPL as Virat Kohli Brand Ambassador
Image Source: InsideSport

How Did They Raise The Platform In The Market?

MPL is an online platform that boosts the skilled gamers and in return, the signed-up users or gamers can win reward prizes. Battles and tournaments have gained large attention which kept the players busy and away from the hectic schedule.

To play the tournaments users need to submit a higher score on the leader-board and to play battles multiplayer formats against real life person takes place within the application.

The introduction of fantasy Sports brought more attention to the MPL’s SuperTeam Fantasy team cricket platform. Users can create a virtual team and participate in various online matches.

Based on the final rankings of the teams in the contest, users areawarded with various prizes based on the rankings on the leader board.

MPL Raises $90 Million In Series ‘C’ Round

MPL Raises $90 Million
Image Source: Business Insider India

MPL had impressive funding during its start. MPL had funding of $5 Million raised by the Sequoia Capital, in the first round on November 8, 2018, followed by a $30 Million funding round by Go-Jek in December 2018.

MPL had its claws into the market with its initial fundraisers. On April 24, 2019, it was officially announced that MPL’s leading fund raisers-Go-Ventures, Times Internet, and Sequoia Capital India have a $35.5 Million funding raised in series A.

On April 15, 2019, All India Gaming Federation, which focuses on the rules and regulations along with the policies in the gaming industry, included MPL as a signed member. This was a game-changer for the e-sports platform.

In April 2019 MPL successfully entered the market along with a partnership with PhonePe which allowed the users to play MPL, the fantasy cricket game SuperTeam from within the app.

The partnerships and huge fundraising had an eye of several investors laid on MPL. This also led to a huge number of audience’s attraction towards MPL.

MPL rose a $90 Million funding from SIG along with RTP Global, who is an early-stage technology investor. High Technology ventures like MDI Ventures and Pegasus Technology Venture are also funding MPL in the Series C round.

Increased funding throughout the years has led to the establishment of MPL as a renowned e-sports platform.

The series C round includes MPL’s initial fundraisers- Go-Ventures, Sequoia Capital India, and Base Partners. Funding evaluation has hit the target of $130.5 Million in the latest rounds.

Dream 11 has raised $225 Million with its investors-Tiger Global Technology Adjacencies, Chrys Capital, and Footpath Ventures which are a competitive ground for MPL. MPL has therefore been in touch with various investors for raising funds to stay in the market.

According to the Entrackr’s report, it is estimated that MPL might raise $350 Million funds to acquire the topmost spot in the online sports market, which arrived a few days after Dream 11’s funds.

The $90 funding from SIG Global and RTG Global has managed to blend the platform with the competition and funding.

MPL has enabled the user’s entertainment in India and connected people globally. A blend of quality technology and competitive skills with global fundraisers has produced skilled gamers.

Sai Srinivas co-founder and CEO of MPL aims for higher funding in the future after signing up with Royal Challengers Bangalore and Kolkata Knight Riders team as the official sponsors.

For a better review, MPL will soon launch live streaming and better connectivity to enhance the gamer’s interest.

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Kritika
Student with ambitions, writer with ideas.
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