Mobile Premier League became India’s second gaming unicorn, raising funds at a $2.3 billion valuation after the pandemic drove entertainment-starved consumers toward mobile playing.
The Bangalore-based startup, which goes by MPL, raised capital from investors led by Legatum Capital with participation from Accrete Capital and Gaingels LLC. Existing investors including Moore Strategic Ventures LLC and RTP Global also participated in the round. The startup would not disclose the funding but people familiar with the deal said MPL had raised $150 million.
The three-year-old company connects game publishers with players on its app platform. Users in India, Indonesia and the U.S. can access dozens of free titles — ranging from sudoku, speed chess and puzzles to shooting, fantasy and strategy games — and participate in gaming contests and prize money tournaments. Its motto to attract enthusiasts: earn money and get famous by playing mobile games.
India is one the world’s largest markets for game downloads with 840 million installs in June, according to app metrics firm Sensor Tower. With neighboring China cracking down on its gaming companies, Indian contenders are betting their path for expansion in India and beyond will be easier.