Exclusive: Gaming startup MPL to close $50 Mn Series B round led by SIG

The coronavirus pandemic has upended lives in many ways, impacting lives, livelihood and even the way business is evolving. Edtech and digital gaming platforms are witnessing a surge in demand during this challenging time, fueling deep interest from investors looking to cash in.

While edtech companies such as Byju’s, Unacademy, Vedantu, Toppr and Eruditus have raised large rounds, gaming companies like Dream11, Mobile Premier League (MPL) and WinZO have been attracting heightened interest from VCs and strategic investors.

After WinZO’s Series B round, Dream11’s competitor Mobile Premier League or MPL is in advanced talks with SIG Global to raise $50-60 million in its Series B round, said three sources aware of the details of the deal.

“The talks have been on since early July. The contours of the transactions are almost finalised,” said one of the sources on condition of anonymity. “SIG would lead the round while existing investors including Sequoia India, Times Internet and GoVentures would also participate.”

So far, the Bengaluru-based fantasy gaming company has raised $40.5 million across two institutional funding rounds. In April 2019, it raised $35.5 million led by the aforementioned backers. 

“MPL will be valued in the range of $350-380 million by SIG,” said the second source. The person requested not to be named as the talks are private. “The deal is almost frozen and it’s likely to be announced in a few weeks from now.”

Started in September 2018, MPL works with third-party developers and then publishes their game on the platform where users can participate in skill-based games including cricket, puzzles, chess and crosswords to win cash prizes.

Responding to Entrackr’s queries, MPL’s co-founder and chief executive officer Sai Srinivas Kiran G said, “We do not comment on market speculations.” Response from SIG is awaited. We will update the story once they respond.

In 2020, MPL had received Rs 164 crore from its Singapore-based parent entity M League Pte Ltd across five tranches. During FY19, the company had an operating revenue of Rs 3 crore while its net losses stood at Rs 86 crore.

The fresh round in MPL is coming at a time when WinZo had just raised $18 million in a Series B funding round led by Makers Fund and New York-based Courtside Ventures. According to Fintrackr, it was valued at $61 million in the recent round.

Update: The post has been updated to reflect the lead investor name as SIG Global instead of Susquehanna International Group (SIG).