Digital gaming startup Mobile Premier League (MPL) has raised $35.5 million (about Rs 250 crore) in a Series A round of funding led with the aid of challenge capital and increase-fairness funding company Sequoia Capital.
Times Internet, GoVentures, RTP Global, BeeNext, Base Growth and Venture Highway additionally invested on this spherical, MPL said in a announcement. The startup will use the budget to put money into its product and to acquire customers in India.
“Competitive gaming in India may be mobile-first and MPL wants to be the platform of preference for the person,” said Sai Srinivas Karan, CEO of MPL.
Galactus Funware Technology Pvt operates them. Ltd, MPL runs a gaming platform where customers compete in live tournaments for ability-primarily based mobile video games to win cash.
“With their enterprise-main boom and engagement metrics, MPL has the potential to end up a main mobile net enterprise in India,” said Shailendra Singh, MD at Sequoia Capital.
MPL lets in users to pick out a sport of their choice which includes Sudoku, Crosswords or Brick Breaker after which select an event which suits their pockets. Each match runs for a limited duration and has a particular number of users who can play it.
Once the results are introduced for a event, winners can cash out right now with Paytm, Unified Payments Interface or bank transfer, according to the enterprise’s website.
Deals within the gaming section
The upward push of digital gaming’s recognition in India is thanks in large part to the tremendous use of smartphones. Many game builders are capitalising on rising phone utilization to construct their corporations, and some have scaled rapidly and attracted marquee investors.
Earlier this month, Dream11 Fantasy Pvt. Ltd have become the first gaming unicorn in India after Hong Kong-based hedge fund Steadview Capital completed funding inside the myth sports platform through a secondary proportion buy. Renuka Ramnath-led personal equity company Multiples Alternate Asset Management and assignment capital company Kalahari Capital are probably to have earned sturdy returns via a partial exit from the corporation.
Last month, Mumbai-primarily based fantasy sports activities startup HalaPlay Technologies Pvt. Ltd said it raised Rs forty crore ($five million) in a Series A round from mobile game developer Nazara Technologies Ltd and casino gaming employer Delta Corp Ltd.