Mobile esports platform Mobile Premier League (MPL) has reached a pre-money valuation of $2.3bn (~£1.7bn) after a Series E funding round led by Legatum Capital.
The latest funding achievement for the Indian gaming and esports company grants it unicorn status – a privately held startup worth over $1bn – becoming the second Indian gaming startup to do so.
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MPL is a skill-based mobile platform offering players a chance to compete in tournaments and matches for prizes. It includes both esports and casual gaming titles, as well as traditional games like sudoku and chess.
In July, MPL launched operations in the US, and recently completed two years of operations in Indonesia. MPL has over 90 million registered users globally.
MPL did not release details about the funding round, but the company is reported to have raised $150 million (~£110m), according to sources at GamesBeat.
The Series E funding round was led by Legatum Capital, an investment firm based in Dubai. Accrete Capital, Gaingels, and existing investors including Moore Strategic Ventures LLC and RTP Global also participated, per business data platform Crunchbase.
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RELATED: Mobile Premier League raises $500K through employee investments
Mark Stoleson, Legatum Capital CEO and new MPL board member, commented: “At Legatum we make long-term investments and work with companies that create long term value. MPL, with its incredible growth trajectory, is one of those companies and we are delighted to support Shubh and Sai, and their incredible team.
“With a top-class gaming experience for users, unmatched distribution for developers and a commitment to building a company with the best global talent and a winning culture, I look forward to working with MPL as it goes from strength to strength to become the world’s leading esports and skill gaming platform.”
The news comes after a Series D funding round in February raised $95 million (~£69m) and valued the company at $945 million (~£684m). MPL is aiming to reach 300,000 users and $100 million in gross merchandise revenue by the end of the year.
Mobile gaming is one of the fastest growing gaming sectors in India, with over 365 million mobile gamers, according to a CSLA report cited by Business World.
Esports Insider says: With the growing ubiquity of smartphones, mobile gaming has taken off in India and is one of its fastest growing gaming sectors. With this funding round propelling MPL to multi-billion dollar startup status, investors clearly see opportunity in India’s mobile esports sector.