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Mobile Premier League Becomes India’s Second Gaming Unicorn; Valued at $2.30 Billion After Series E Fundraise

Mobile Premier League Becomes India's Second Gaming Unicorn; Valued at $2.30 Billion After Series E Fundraise
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  • Attreyee Khasnabis September 15, 2021
  • 4 Minutes Read

The Bengaluru-based fantasy gaming company Mobile Premier League (MPL) has become the second Indian gaming unicorn. Dream Sports had achieved this feat in April 2019. According to reports, MPL has raised an undisclosed amount in a Series E round at a pre-money valuation of $2.30 Billion, more than doubling in value since its last fundraise in February.

The latest fundraiser was led by Legatum Capital. Existing investors like Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures, and Founders Circle Capital also participated in the round. Even though the amount raised is yet to be disclosed, sources peg it to be in the range of $150 Million.

MPL had secured $95 Million (~₹691 Crores) in a Series D funding round in February, at a valuation of $945 Million. The funding round was led by Composite Capital and Moore Strategic Ventures, with participation from Base Partners, Go-Ventures, Founders Circle, RTP Global, SIG, Telstra Ventures, and Play Ventures.

Speaking on the capital infusion, co-founder and CEO of MPL Sai Srinivas said, “This investment is a recognition of the potential of the Indian gaming and esports industry and an endorsement of the capability of MPL to expand globally. MPL’s proven success in India and Indonesia encouraged us to launch in the US, one of the world’s largest gaming markets. Our US operations are off to a promising start, and we’re thus fulfilling our resolve to make our platform the esports and gaming hub of the world.”

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

“We are seeing strong traction globally as a function of our direct to consumer approach,” said Joe Wadakethalakal, SVP, Corporate Development, MPL. “We’re thrilled to partner with Legatum Capital as we continue to work on our vision of building the world’s largest esports platform.”

“Legatum’s investment in MPL is another example of our strategy to invest in world-class teams building world-scale companies that define categories and serve customers with integrity,” stated Mark Stoleson, the CEO of Legatum.

Galina Chifina, Partner at RTP Global, said, “It was clear to us from the beginning that MPL had the potential to become one of India’s major start-up success stories. Sai, Shubh, and the team have taken the platform to new heights in 2021, and this next round of funding has secured MPL’s well-deserved status as a unicorn. We are delighted to be supporting the company with its next stage of growth. Congratulations to the team.”

The Indian online gaming sector witnessed an unprecedented surge during the pandemic-induced lockdown that pushed the entertainment-hungry masses towards mobile gaming. Less than six months ago, MPL’s biggest rival, Dream Sports, announced the completion of a $400 million (~₹2,904 Crores) secondary funding round, boosting its valuation to nearly $5 Billion (~₹36,218 Crores). In April, Dream Sports was in talks with investment banks for the proposed initial public offering (IPO), raising the company’s valuation to $6 Billion.


MPL’s International Foray

Being one of Asia’s largest e-sports and skill gaming platforms, MPL has been making waves in the online gaming sector in India and the US, as well as, Indonesia. MPL recently began operations in the US and completed two years in Indonesia, making it the only mobile gaming platform from India with a growing international presence.

“We have no doubt that their entry into the US market will further strengthen their position as the number one competitive gaming platform in the world,” said Henrik Suuronen, founding partner at Play Ventures.

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


About MPL

MPL was founded in 2018 by Srinivas and Shubham Malhotra, who previously worked in Bengaluru-based media streaming technology startup Creo that was acquired by messaging service Hike in August 2017.

Srinivas and Shubham Malhotra
Srinivas and Shubham Malhotra


With over 85 million registered users globally, the three-year-old startup claims to have over 70 games listed on the platform, including fantasy games like cricket, football, basketball, card games like rummy, poker and call break, and more.

MPL is endorsed by the captain of the Indian National cricket team, Virat Kohli. Indonesian actor and internet celebrity Baim Wong was signed on as a brand ambassador in Indonesia earlier this year.

Virat Kohli renews contract with MPL
Virat Kohli


MPL Poker, launched in 2019, claims to be one of the country’s top 10 real-money online poker rooms with over 10 Lakh registered users. Well-known poker pro Dhaval Mudgal was appointed as MPL’s first poker ambassador in July.

Dhaval Mudgal
Dhaval Mudgal


In April 2021, MPL acquired the esports gaming platform GamingMonk, while also launching an Esports Arena to take esports to the masses through mobile-friendly gaming titles.

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