Indian gaming platform MPL becomes unicorn after fresh fundraise at $2.3b valuation

Photo: Unsplash

Online gaming platform Mobile Premier League (MPL) has entered the unicorn club after raising fresh funding in its Series E funding round at a pre-money valuation of $2.3 billion, it announced on Wednesday.

The latest round was led by Legatum Capital, with participation of existing investors including Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures, and Founders Circle Capital.

The company did not disclose the amount it raised in the latest round, but according to a Bloomberg report on Wednesday, the funding amount was somewhere close to $150 million.

The fresh financing makes MPL the second Indian online gaming company after Dream11 to have bagged the unicorn tag, a moniker used to describe privately held companies that are valued at $1 billion and above.

The valuation in the latest round is more than double the valuation the company had attained in its Series D funding earlier this year. MPL had raised $95 million led by Composite Capital and Moore Strategic Ventures at a valuation of $945 million this February.

MPL will use the fresh infusion of capital to finance its global expansion, invest in its home-grown technology, and drive continued growth in the Indian market, it said in a statement.

“We are seeing strong traction globally as a function of our direct to consumer approach. Our platform strategy allows us to pool user liquidity, enable synchronous competitions, aggregate gaming content, and drive superior matchmaking, which all together enable best-in-class user retention and monetisation,” said Joe Wadakethalakal, SVP, Corporate Development, MPL

As of February, MPL offers more than 60 games in India and over 30 in Indonesia on its Android and iOS applications. It has over 81 million users in India and Indonesia. The company recently began operations in the US.

MPL currently has over 85 million registered users globally.

Earlier this year, MPL acquired esports firm Gaming Monk to develop a full suite of esports and live streaming capabilities.

MPL, headquartered in Bengaluru, also has offices in Pune, New Delhi, Jakarta, Singapore, and New York.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.