Gaming platform Mobile Premier League raises USD 500,000 from employees

Mobile Premier League (MPL), one of the largest eSports and fantasy gaming platforms of India, has raised USD 500,000 with the aid of its Employee Investment Plan.

Through this plan, all existing employees could invest USD 2,300 (approximately INR 1,67,000) to USD 23,000 (close to INR 16,70,000) to acquire stocks of MPL.

“Over 10 per cent of MPL employees participated in this plan, with the total amount raised at $500,000," according to a statement.

The senior management of MPL believes that this investment plan will give the employees an opportunity to own a part of the company and be a part of its prosperity.

“This initiative was introduced so that our most valuable asset, our employees, get an opportunity to own part of MPL and participate in the company’s success,” said Joe Wadakethalakal, Senior Vice-President, Corporate Development and Investor Relations, MPL.

“We are privileged to work with people who have invested in the company’s future. This underlines the trust they have in MPL and MPL’s faith in its people.”

The company said that it would continue to extend such opportunities to its employees in the future. It currently has over 500 employees with offices in Bengaluru, Pune, Jakarta, and Singapore.

In September 2020, MPL had raised USD 90 million in the Series C round of funding.

Founded in 2018 by Sai Srinivas and Shubh Malhotra, MPL currently has more than 60 games on its roster, including pool, chess, ludo, carrom, rummy, quiz and fantasy sports.

The Indian gaming giant is the official sponsor of the Indian Premier League (IPL) teams Kolkata Knight Riders (KKR) and Royal Challengers Bangalore (RCB) and is also the presenting sponsor of the hit TV show Big Boss 2020.

MPL Sports, the clothing vertical of MPL, signed a contract with the Board of Control for Cricket in India (BCCI) to be the official kit sponsor of Team India from November 2020 to December 2023.

Endorsed by Indian cricket team captain Virat Kohli, the Bangalore-based firm has witnessed tremendous growth during the COVID-19 pandemic. It boasts over 60 million users in India and has gained ground in Indonesia too, amassing 3.5 million users.