Online gaming platform Mobile Premier League (MPL) on Thursday said it has raised a fresh $95 million in funding led by Composite Capital and Moore Strategic Ventures. The company’s valuation now stands at $945 million.
The investment, which is part of the company’s series D financial round, also saw participation from Base Partners, RTP Global, SIG, Go-Ventures, Telstra Ventures, Founders circle and Play Ventures.
In September last year, MPL had raised $90 million from a clutch of investors. MPL’s total fund count now stands at $225.5 million.
The company, which claims to have over 60 million users in India, will deploy the fresh capital to expand its eSports portfolio and organise more tournaments at the national and international level. Part of the funds will also be used to support its expansion in the overseas markets, the firm said in a statement.
“The eSports community in India is thriving, and we believe this is the perfect time to take Indian-made games to the world as well as help Indian gamers get recognised for their talent,” co-founder & CEO Sai Srinivas said.
The size of the Indian online gaming industry was estimated to be $1.1 billion in 2019. Analysts at Deloitte expect the segment to grow at a CAGR of 40% until 2022, taking the market size to $2.8 billion by 2022. The growth would be primarily driven by mobile gaming, as 85% of the online gaming in India takes place on mobile, they said.
With over 50 games across categories on its Android and iOS applications, MPL said it has worked with 28 developers to publish their games on the platform and provide them a new revenue stream.
Last week, the firm had announced that it had raised $500,000 from existing employees under its Employee Investment Plan, which saw participation from 10% of the company’s employees.