Fastest growing e-sports startup Mobile Premier League (MPL) has raised USD35.5 million (SGD48.2 million) in its Series A funding round led by Sequoia Capital, Times Internet and GoVentures, the investment arm of Go-Jek. The company is eyeing a major piece of the gaming market pie projected to grow to USD5 billion (SGD6.79 billion) in the next two years.
In the round, other investors including RTP Global, BeeNext, Base Growth and Venture Highway also participated. The funds will be used primarily for product and user growth.
The company had raised USD5 million (SGD6.79 million) last year, in a funding round led by Sequoia India. Now, the total amount raised by the startup stands at USD40.5 million (SGD55 million).
Notably, MPL is an app-based platform that allows fans to compete in skill-based sports and win real awards. It was founded by Sai Srinivas Kiran G and Shubham Malhotra last September.
The company has already notched up 10 million users and is being called the country’s fastest-growing e-sports platform. It is the number one app in the ‘Casual’ category of Google Play Store in India. With 25 million installs already, it is also the fastest growing app in the country.
“Our goal is to build India's largest Mobile eSports Platform which is accessible to all. MPL today provides users access to all formats and types of competitive games. Like with everything else, Competitive Gaming in India will be mobile first and MPL wants to be the platform of choice for the user,” said Sai Srinivas Kiran G, Co-Founder and CEO of Mobile Premier League.
“In the 7 months since launch, the user love we have received is testimony to that. We are thankful and excited to have investors who share the same bold vision,” he added.
“Sequoia India is very happy to back Sai and Shubh a second time and believe solidly in their vision of creating the largest esports platform for India and other emerging markets,'' said Shailendra Singh, Managing Director, Sequoia Capital (India) Singapore.
“We’re thrilled with the early progress at MPL. With their industry-leading growth and engagement metrics, MPL has the potential to become a major mobile internet company in India,” he added.
“MPL has captured the imagination of gamers on smartphones like no other platform out there. Skill-based competitive casual games are highly engaging social experiences, and we believe MPL will be a leader in this category globally” said Miten Sampat, VP Corporate Development, Times Internet.
There are an estimated 60 fantasy sports platform in India at present as capital continues to pour into the gaming market.