The bangalore-based startup raised capital from investors led by Legatum Capital with participation from Accrete Capital and Gaingels LLC.
Mobile Premier League became India’s second gaming unicorn, raising funds at a $2.3 billion valuation after the pandemic drove entertainment-starved consumers toward mobile playing.
The Bangalore-based startup, which goes by MPL, raised capital from investors led by Legatum Capital with participation from Accrete Capital and Gaingels LLC. Existing investors including Moore Strategic Ventures LLC and RTP Global also participated in the round. The startup would not disclose the funding but people familiar with the deal said MPL had raised $150 million.
The three-year-old company connects game publishers with players on its app platform. Users in India, Indonesia, and the U.S. can access dozens of free titles -- ranging from sudoku, speed chess, and puzzles to shooting, fantasy, and strategy games -- and participate in gaming contests and prize money tournaments. Its motto is to attract enthusiasts: earn money and get famous by playing mobile games.
India is one of the world’s largest markets for game downloads with 840 million installs in June, according to app metrics firm Sensor Tower. With neighboring China cracking down on its gaming companies, Indian contenders are betting their path for expansion in India and beyond will be easier.
“Gaming is the only entertainment content where language is no barrier,” founder Sai Srinivas Kiran, 33, said in an interview. “Gaming startups can transcend international boundaries.”
Global investors from Sequoia Capital to Tiger Global Management, which backs India’s first gaming unicorn and MPL rival Dream11, are noticing the opportunity presented by the country’s 400 million gamers. Indians have an affinity to games with financial prizes, something online startups like MPL are wagering big on.
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