According to a report in Entrackr, SIG Global has invested $34 million, while Sequoia Capital and RTP Global have invested $11.5 and $12.5 million in MPL’s Singapore-based holding company M League. Meanwhile, GV Games has contributed $9 million, MDI Ventures has invested $5 million, and CE Ventures has pumped in $2 million in the startup.
MPL had raised $35.5 million in a Series A funding round led by Sequoia India, Times Internet and Go-Ventures, the venture capital arm of Indonesia’s Gojek, in April last year, which followed a seed round of $5 million a year prior.
Founded in September 2018 by Sai Srinivas Kiran Garimella and Shubham Malhotra, MPL offers a plethora of games, including fantasy sports, free fire, rummy, poker, chess, and quizzes. Since inception, the platform has grown to over 60 plus games and 6 crore users, the report said.
Amidst the COVID-19 crisis, online gaming startups are attracting a lot of investor’ attention. Traffic to the gaming websites has tremendously increased in the past few months as people continue to limit social contact with coronavirus spread in the country.
Earlier this week, Mumbai-based Dream Sports, the owner of fantasy sports platform Dream11, announced that it has raised $225 million in a funding round led by New York investment firm Tiger Global Management, TPG Tech Adjacencies (TTAD), homegrown private equity firm ChrysCapital, and Footpath Ventures.
Recently, another fantasy sports platform Fantasy Akhada raised funding from Indian cricket commentator Harsha Bhogle. Vernacular real-money gaming platform WinZO has, too, raised $18 million funding from Makers Fund, Courtside Ventures, and others.
According to a report by Maple Capital Advisors, the gaming industry in India is expected to touch $3.7 billion by 2024 fuelled by a growth in digital infrastructure and a substantial rise in quality and engaging gaming content. Currently, the sector is valued at $930 million.