The Economic Times reported that Bengaluru-based fantasy sports platform Mobile Premier League (MPL) has received a fresh funding worth around $100 million from the likes of Composite Capital, Moore Strategic Ventures, and Telstra Ventures, apart from the few existing investors to push their current valuation almost by a double.
The Mobile Premier League is one of the fastest growing real money competitive gaming platforms in India, with the Economic Times reporting last year that their valuation stood at a handsome $450 million in the audit conducted in September 2020. The addition of SIG Global and RTP Global, MDI Ventures, Pegasus Tech Ventures helped them skyrocket their platform and now it has got a further boost.
Composite Capital, Moore Strategic Ventures and Telstra Ventures are the new stakeholders in the company who joined the list of investors last time apart from MPL’s early backers which include Sequoia India, Go-Ventures, and Times Internet.
The latest investment round hasn’t been made official but Sai Srinivas, the co-founder and CEO of MPL, revealed in a discussion with ET that “the valuation is a hair's breadth shy of a billion dollars".
Currently, MPL, which is the official apparel partner for the Indian team and principal sponsor for the Ireland cricket team, is offering more than 70 real money games, including fantasy sports rummy, poker, chess, 3D pool, ludo, and carrom. The brand is, right now, focusing on fuelling its expansion into markets including South Korea, Japan and the North American region.