New Delhi: The online gaming platform is based on the Bengaluru Mobile Premier League (MPL) has collected around $ 150 million in Round Series E at a $ 2.3 billion assessment covering a startup Bengaluru-headquartered to the Unicorn Club.
The latest fundraising led by Capital Legatum.
Existing investors include Sequoia, Gig, Global RTP, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures and Founders Circle Capital also participate in the round.
MPL is valued at around $ 945 million before this round.
“The success of MPL is proven in India and Indonesia encourages us to launch in the US, one of the largest gaming markets in the world,” Sai Srinivas, Co-Founder and CEO in MPL.
“Our US operations departed from the promising start and we fulfilled our determination to make our platform Esports and Gaming Hub of the World.” MPL, which began operating in 2018, will use new capital infusion to finance its global expansion, invest in its home technology and encourage growth in the Indian market.
MPL fundraising comes against the background of China to win the e-sports, limiting the number of hours of people under 18 years can play online video games.
This step aims to limit addiction video video among young people is expected to have an impact on other major online game markets such as the US, South Korea and India, which can be said to be the fourth largest gaming market globally.
While the Indian online game market reached around $ 1 billion by 2020 from $ 543 million in 2016, he had the potential to generate $ 2 billion in rake costs in 2023, showing data from the Gaming Ey-All India Federation (AIGF).
The closest rivals of MPL’s Dream11 also raised $ 400 million on appraisal of around $ 5 billion in March.
Funding is led by technology investors such as TCV, Falcon Edge and D1 Capital Partners.
With around 400 game startups operating in India, the success of this sector was driven by the Covid-19 pandemic, because people were relegated to their homes turning to their smartphones to play online games.
The number of online gamers in India will grow from 360 million by 2020 to 510 million in 2022.