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Esports platform Mobile Premier League raises fresh funds at $2.3 bn valuation

04:15 PM Sep 15, 2021 | PTI

Esports platform Mobile Premier League (MPL) on Wednesday said it has raised fresh funds in a funding round led by Legatum Capital at a pre-money valuation of $2.3 billion.

While MPL did not disclose the quantum of funds raised, sources said the company has raised about $150 million (about Rs 1,104.5 crore) in the series E round.

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The latest fundraise was led by Legatum Capital. Existing investors including Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures, and Founders Circle Capital also participated in the round, MPL said in a statement.

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"This investment is a recognition of the potential of the Indian gaming and esports industry and an endorsement of the capability of MPL to expand globally. MPL's proven success in India and Indonesia encouraged us to launch in the US. Our US operations are off to a promising start," MPL co-founder and CEO Sai Srinivas said.

MPL will use the fresh infusion of capital to finance its global expansion, invest in its home-grown technology, and drive continued growth in the Indian market.

The firm recently began operations in the United States of America and completed two years of operations in Indonesia, making it the only mobile gaming platform from India with a growing international presence.

"We are seeing strong traction globally as a function of our direct to consumer approach. We are thrilled to partner with Legatum Capital as we continue to work on our vision of building the world's largest esports platform," MPL svp for Corporate Development Joe Wadakethalakal said.

MPL claims to have over 85 million registered users globally.

"Legatum is delighted to have led this latest round of funding for MPL as it continues its incredible growth trajectory and becomes the world's leading esports and skill gaming platform," Legatum CEO and new MPL board member, Mark Stoleson, said.

Earlier this year, MPL acquired esports firm Gaming Monk to develop a full suite of esports and live streaming capabilities.

In early September, the platform announced a partnership with the Play Magnus Group, founded by Chess superstar Magnus Carlsen. With this partnership, MPL will host the official Indian Circuit for players to qualify for the Meltwater Champion Chess Tour. This is the first ever regional expansion for the Champion Chess Tour.

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