Existing investors Sequoia India, Go-Ventures and Base Partners also participated in the Series C round, a statement said. The latest investment brings MPL’s total funding to USD 130.5 million, it added.
Since its founding in September 2018, MPL has added over 70 games on its platform, working with over 28 game developers and studios. Its user base has grown to over six crore users. The company has recorded over 2 billion cash transactions on the app till date. MPL is currently present in India and Indonesia, with offices in Bengaluru, Jakarta, and Pune, and with a personnel strength of over 300.
“This capital will be used to further accelerate MPL’s dominant position in the gaming market, expand its product offering, and grow its team. The funding will also be used towards product development with a focus on social functions such as live streaming, and audio and video content features,” the statement said.
“In a short time, MPL has taken the gaming market by storm, with our various offerings and partnerships, which have helped us stand out in the industry. This latest round of funding will enable us to entertain and connect an even larger audience across India and beyond,” Sai Srinivas, Co-Founder and CEO at Mobile Premier League, said.
The online gaming industry is seeing huge and increasing engagement and this fresh capital injection is proof of MPL’s potential to lead and transform this space, he added.
“Gaming has been one of the largest growing entertainment industries in the world, and we believe that mobile games have contributed to the major growth of this industry, especially in Asia. We are excited to provide continuous support with our partners as they strengthen their position both in their home market and in our home market, Indonesia,” Winston Adi, Head of Investments at MDI Ventures, said.