Virat Kohli-backed mobile gaming startup Mobile Premier League (MPL) has raised $95 million in Series D round of funding led by Composite Capital and Moore Strategic Ventures. Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders Circle, and Play Ventures also participated in the round, taking its total fundraising to $225.5 million. The investment also led to more than 2X jump in its valuation from about $400 million in September 2020’s $90 million round. The most current valuation of MPL stood at $945 million, the organization mentioned on Thursday, taking it to the close to unicorn status. Currently, Dream 11 is the only gaming unicorn in the nation.
MPL mentioned it has more than 60 million customers in India and more than 3.5 million customers in Indonesia. The startup gives more than 50 games across categories and has worked with 28 game developers to publish their games on the platform. The most current investment will be deployed towards expanding its eSports portfolio and organising digital tournaments along with the company’s international expansion this year. MPL had organised the digital sports festival College Premier League in 2020, with Rs 1 crore in prizes and scholarships.
“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 recognized for their talent,” Sai Srinivas, Co-Founder, and CEO, MPL mentioned in a statement. The startup had raised $500,000 final week from current personnel beneath its Employee Investment Plan, which saw participation from 10 % of the company’s personnel. Indian cricket group captain Virat Kohli had invested in MPL in February 2019 even as the organization became the BCCI’s official kit sponsor and merchandise companion in November 2020, The Indian Express had reported. Kohli was named as MPL’s brand ambassador in March 2019.
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Online gaming in India is governed by the Public Gambling Act (PGA) 1867 involving genuine revenue transactions. However, the segment has more or significantly less remained in a legal quagmire for years now in spite of the gradual rise in the segment’s reputation and addiction amongst customers. Delhi and Gujarat High Courts had in current previous directed state governments to reportedly think about public interest litigations (PIL) as representations to regulate on-line gambling, allegedly operating beneath the garb of gaming.
However, betting and gambling have been the state subjects in India, enabling the respective governments to enact their personal laws for the similar. “Differing state interpretations of online skill games make it difficult to build scale for businesses. Since its inception, AIGF has been at the forefront, working with relevant policymakers to demonstrate the skill aspect of the game and also economic benefits that accrue from the online skill gaming industry,” Roland Landers, CEO, All India Gaming Federation had not too long ago told TheSpuzz Online.
The digital gaming marketplace in India is anticipated to develop from almost $295 million in income in 2020 to $531 million by 2025 at a CAGR of 12.5 per cent along with user penetration development from 8 per cent to 10.2 per cent, according to Statista. The development so far has come on the back of booming smartphone sales, more disposable earnings, and reasonably priced world-wide-web at a more rapidly speed.