Indian gaming and fantasy sports platform Mobile Premier League (MPL) has raised USD 95 million in Series D funding.
MPL has raised a total of USD 225.5 million since its inception and the latest funding round has taken its market valuation to USD 945 million, inching closer to the highly revered unicorn status of USD 1 billion.
The latest round was led by Hong Kong-based Composite Capital and New York’s Moore Strategic Ventures, with participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures, according to the statement.
“We are thrilled to have Composite Capital and Moore Strategic Ventures as new partners,” said Joe Wadakethalakal, SVP, Corporate Development and Investor Relations, MPL.
Composite Capital and Moore Strategic Ventures, the lead investors of this funding round, have bolstered their Indian portfolio with this investment. The two firms have stakes in other Indian startups, with Composite Capital having a vested interest in ClearTax and the Moore Strategic in CARS24.
The gaming industry of India, including fantasy sports, has witnessed unparalleled growth in the last three years, grabbing the interest of dozens of venture capitalists and private equity firms.
MPL, with a claimed user base of over 60 million, is one of the leaders in the Indian eSports market and continues to be a hot property among wealthy investors.
“We are excited to partner with the MPL team and support their continued growth. As an industry leader in the gaming market, we believe the company will continue to innovate and drive the evolution of eSports, both in India and internationally,” said Kanush Chaudhary, Managing Director, Composite Capital.
The fresh capital, which amounts to more than INR 691 crore, will be used to boost the eSports segment and organise more tournaments in India, and also strengthen MPL’s presence beyond the Indian borders.
“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,” said Sai Srinivas, Co-Founder, and CEO, MPL.
Along with its strong user base in India, the Bengaluru-based startup has 3.5 million in Indonesia. It also has offices in Pune, Jakarta and Singapore.
MPL recently raised USD 500,000 from its employees through the Employee Investment Plan.