The Mobile Premier League (MPL) has raised $ 90 million in a new round of funding as the Bangalore-based two-year esports and mobile gaming platform expands its user base and expands outside of India.
SIG, early stage technology investor RTP Global, and MDI Ventures led MPL's $ 90 million Series C financing round, with participation from existing investors Sequoia India, Go-Ventures and Base Partners. The investment brings total funding to MPL of $ 130.5 million.
MPL operates a pure gaming platform on which a number of tournaments take place. The app, which has over 60 million users and hosts around 70 games, also serves as a publishing platform for other game companies.
The Bangalore-based startup also offers fantasy sports, a segment that has gained a foothold in many parts of India in recent years.
With fantasy sports only being part of the business, the coronavirus outbreak that has killed most of the real-world games hasn't hampered the startup's growth in recent months. The startup claimed it had grown four times since March this year. Over 2 billion cash transactions were recorded in the app.
“Even in an environment as challenging as this one, we are impressed with the success and accessibility of the platform concept, which offers users a unique variety of experiences and social interactions. MPL's track record speaks for itself. We look forward to helping the team grow and expand, ”said Galina Chifina, Managing Partner at RTP Global, in a statement.
However, since one aspect of MPL is about fantasy sports, the app is not available on the Google Play Store. Google prohibits online casinos and other types of betting. This was repeated last week when the Indian financial services platform Paytm was dragged from the Play Store for eight hours. Sai Srinivas, co-founder and executive director of Mobile Premier League, declined to comment on the episode from Google and Paytm.
He said that in an interview with theinformationsuperhighway Startup plans to expand outside of India in the following months. He didn't name the new markets, but suggested that India's neighboring countries are likely to be part of them.