Mobile Premier League (MPL), a Bengaluru-based gaming company has raised $500,000 which is approximately Rs 3.6 crore, from its existing employees as a part of EIV (Employee Investment Plan that was announced in 2020 December.
The employees could invest ranging from $2,300 - $ 23,000 and acquire stocks of the company as a part of this aforementioned plan. The company also stated that this plan was a limited period thing and they are likely to come up with many such plans in near future.
"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. We are privileged to work with people who have invested in the company’s future," Joe Wadakethalakal, SVP, Corporate Development and Investor Relations, MPL said in a statement as reported by livemint.com.
Mobile Premier League had announced ESOP (Employee Stock Ownership Plan) buyback plan worth $3.2 million during the $90 million series C funding led by SIG and RTP Global with MDI and Sequoia India as other participants back in September 2020. Now, this plan allows the employees to acquire ownership interest in the company and later they can sell it back to the company again; In return, this allows the company to receive several tax benefits.
MPL and other gaming similar gaming platforms have seen a huge rush of new users and investment in recent times. However, it was due to COVID-19 that everything moved to remote working, from learning to entertainment. Gaming applications like MPL became the primary source of entertainment when all these enthusiasts were in lockdown and thereafter.