Bengaluru-based e-sports gaming startup Mobile Premier League (MPL) has raised around ₹36.5 crore ($5 million) in a series A funding round, as reported by VCCircle. The details of the deal remain undisclosed.
According to VCCircle’s sources, some angel investors have participated in the recently concluded round. The funding comes merely months after the gaming startup started operations.
The fresh funds are expected to be used to expand operations and further strengthen the product.
Mobile Premier League, owned and operated by Galactus Funware Technology, was founded by founders Sai Srinivas Kiran Garimella and Shubham Malhotra in 2018. The startup provides a skill-based digital platform, to enable users to compete in various live gaming tournaments for free and win real cash in return.
The platform offers six games through its app, including Sudoku, Crosswords, and Brick Breaker, among others. After the tournaments are concluded, the winners get their cash prize through Paytm, UPI, or bank transfer.
Garimella, an IIT Kanpur alumnus and Malhotra, a BITS Pilani alumnus, previously co-founded Creo, the manufacturer of HDMI media streaming device Teewe. Creo was later acqui-hired by Hike Messenger in 2017.
Last month, GamingMonk raised ₹4 crore in a funding round from a clutch of investors. Also, online poker startup 9stacks raised ₹28 crore in series A led by WaterBridge Ventures.
Recently, a number of veteran Indian entrepreneurs have been coming up with their new ventures. Earlier this month, FreeCharge co-founder Kunal Shah unveiled his new venture ‘Cred’.
Last month, it was reported that Ibibo founder Ashish Kashyap’s new fintech startup INDwealth raised $30 million as seed capital from Steadview Capital, an India dedicated investment fund.
Also, Satyen Kothari’s wealth management startup Cube Wealth raised ₹14.6 crores in series A funding from Singapore-based Beenext, Japan-based Asuka Holding, and Silicon Valley-based 500 Startups.