Online gaming platform Mobile Premier League (MPL) on Thursday stated it has raised a fresh $95 million in funding led by Composite Capital and Moore Strategic Ventures. The company’s valuation now stands at $945 million.
The investment, which is component of the company’s series D economic round, also saw participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures.
In September final year, MPL had raised $90 million from a clutch of investors. MPL’s total fund count now stands at $225.5 million.
The firm, which claims to have more than 60 million customers in India, will deploy the fresh capital to expand its eSports portfolio and organise more tournaments at the national and international level. Part of the funds will also be used to help its expansion in the overseas markets, the firm stated in a statement.
“The eSports community in India is thriving, and we believe this is the perfect time to take Indian-made games to the world as well as help Indian gamers get recognised for their talent,” co-founder & CEO Sai Srinivas stated.
The size of the Indian on the net gaming business was estimated to be $1.1 billion in 2019. Analysts at Deloitte anticipate the segment to develop at a CAGR of 40% till 2022, taking the market place size to $2.8 billion by 2022. The development would be mostly driven by mobile gaming, as 85% of the on the net gaming in India requires spot on mobile, they stated.
With more than 50 games across categories on its Android and iOS applications, MPL stated it has worked with 28 developers to publish their games on the platform and provide them a new income stream.
Last week, the firm had announced that it had raised $500,000 from current workers below its Employee Investment Plan, which saw participation from 10% of the company’s workers.