New Delhi: Home-grown esports and mobile gaming platform Mobile Premier League (MPL) on Monday said it had raised $90 million (approximately Rs 662 crore) in Series C funding, led by SIG and early stage tech investor RTP Global, along with MDI Ventures and Pegasus Tech Ventures.
Existing investors Sequoia India, Go-Ventures, and Base Partners also participated in this round.
The investment brings MPL’s total funding to $130.5 million after previously raising $40.5 million.
MPL said with a growing user base numbering well over 6 crore, the platform has recorded over two billion cash transactions on the app to date.
“This latest round of funding will enable us to entertain and connect an even larger audience across India and beyond,” Sai Srinivas, Co-Founder and CEO at Mobile Premier League, said in a statement.
“The online gaming industry is seeing huge and increasing engagement; with this fresh capital injection being proof of MPL’s potential to lead and transform this space,” Srinivas added.
This capital will be used to further strengthen the platform’s position in the gaming market, expand its product offering, and grow its team, MPL said.
The funding will also be used towards product development, with a focus on social functions such as live streaming, and audio and video content features.
MPL said it plans to capitalise on the rapidly growing online gaming trend and become the world’s largest gaming, esports, and content platform.
Since its founding in September 2018, MPL has added over 70 games on its platform, working with over 28 game developers and studios.
Over the past four months, the number of games played on MPL’s most popular titles has increased by more than 700 per cent, the company said.
With approximately 300 million gamers, India sits among the top five gaming markets globally.
Further, there has already been a boost in online gaming in recent months, as a result of the impact of Covid-19 on society.
With social distancing measures in place, telecommuting becoming the new norm, and physical sporting events remaining limited, esports and mobile gaming has received a boost, to create an alternate means of keeping audiences engaged at all times.