MUMBAI: Bengaluru-based fantasy sports startup Mobile Premier League (MPL) has reportedly raised $95 million (or about Rs 6.9 billion) in a fresh funding round led by Hong Kong-based Composite Capital, Moore Capital, Telstra Ventures, among other existing investors.
According to TechCrunch, the latest Series D funding round has more than doubled the valuation of the startup from $450 million to around $945 million.
“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.
In September 2020, MPL had raised $90 million as part of its Series C funding round, which was co-led by SIG and early-stage tech investor RTP Global, along with MDI Ventures and Pegasus Tech Ventures. At that time, the startup’s valuation stood at $450 million.
Following this round, the total funds raised by the real money competitive mobile gaming platform will cross $230 million (equivalent to Rs 16.76 billion).
For the record, MPL offers over 60 real money games such as fantasy sports, rummy, poker, chess, ludo, carrom, Fantasy Cricket, etc. The online skill-based mobile gaming platform is owned and operated by Galactus Funware Technology Pvt Ltd, which was founded by Srinivas and Shubham Malhotra in 2018.
MPL competes with other major fantasy sports platforms such as Dream11, WinZo, Mega, MyTeam11 Fantasy Sports, among several others.
