Online fantasy gaming platform, Mobile Premier League or MPL has received Rs 64.93 crore from its Singapore-based parent entity — M League Pte Ltd. This is the fifth tranche received by the Bengaluru-based company from its parent in 2020, which has not raised any external funding round for the past one year.
Backed by the likes of Go-Jek, Sequoia Capital, Times Internet, BeeNext, and Ventures Highway among others, it raised $35.5 million in Series A financing in April 2019.
According to the regulatory filings, MPL has made an allotment of 1,79,464 equity shares at an issue price of Rs 3617.99 per share to raise Rs 64.93 crore. The company has raised a total consideration of Rs 164.1 crore from its parent entity this year.
Started in September 2018, MPL works with third-party developers and then publishes the game on the platform where users can participate in skill-based games including cricket, puzzles, chess, crosswords to win real cash. Having over 40 games and 4 crore users, MPL’s Pro app is available for both Android and ioS users.
Recently, MPL has also announced its partnership with Cricket Ireland and ITW Consulting to sponsor the Irish Men’s team jerseys for the upcoming One-Day International Series against England beginning July 30.
The company, which is yet to file its financial results for the year ending 2020, had posted net revenue of Rs 2.87 crore against Rs 89.46 crore expenditure in FY19.
Out of the total expenditure, Rs 41.07 crore was spent on advertising & promotion and IT support services and at the end of the FY19, it posted a net loss amounting to Rs 86.44 crore. Notably, MPL had only six months of operation during FY19.
Online fantasy sports platforms have been gaining popularity among gaming enthusiasts who play and win real money based on skill and predictions. However, as the Covid-19 pandemic led to the postponement of IPL and other live sporting events, Dream11, MPL, among others have witnessed a major hit in the number of users logging in on their platforms.
Earlier this year, ShareChat had also made a foray into the fantasy sports space with Jeet11. MPL competes with Dream11, Gaming Monk, Jeet11, and Paytm among others.