The latest fundraiser was led by Legatum Capital. Existing investors including Sequoia, SIG, RTP Global, Go-Ventures, Moore Strategic Ventures, Play Ventures, Base Partners, Telstra Ventures and Founders Circle Capital also participated in the round. MPL was valued at around $ 945 million prior to this round.
“MPL’s proven success in India and Indonesia encouraged us to launch in the US, one of the largest gaming markets in the world,” said Sai Srinivas, MPL Co-Founder and CEO. “Our US operations are off to a promising start and therefore we are fulfilling our determination to make our platform the hub of the world’s esports and games.”
MPL, which started operations in 2018, will use the new capital injection to finance its global expansion, invest in its local technology and drive growth in the Indian market.
The MPL fundraiser comes against the backdrop of China cracking down on esports, limiting the number of hours that people under the age of 18 can play video games online. The measure aimed at curbing video game addiction among young people is expected to have an impact on other important online gaming markets, such as the United States, South Korea and India, which is possibly the fourth largest gaming market at the level. world.
While the Indian online gaming market reached around $ 1 billion in 2020 from $ 543 million in 2016, it has the potential to generate $ 2 billion in rake fees by 2023, data from the EY-All India Gaming Federation showed. (AIGF).
MPL’s closest rival, Dream11, also raised $ 400 million at a valuation of around $ 5 billion in March. Funding was led by technology investors such as TCV, Falcon Edge and D1 Capital Partners.
With around 400 gaming startups operating in India, the sector’s recent success was fueled by the Covid-19 pandemic, as people relegated to their homes turned to their smartphones to play online games. The number of online gamers in India is projected to grow from 360 million in 2020 to 510 million in 2022.